Duo Tax Quantity Surveyors

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01/09/2022

If you’re interested in buying a property, it’s super important to get an expert to assess it. 📝

This is known as a building inspection report or a standard property report and is usually completed by a licenced builder, a surveyor, or an architect. 👷‍♂

Their job is to ensure that the building conforms to the Australian building code.

So they’ll look at more than just cosmetic repairs or improvements and instead focus on identifying problems that could be expensive to repair in the future. 🔎

I always recommend getting a third-party inspector and not one recommended by the sales agent.

01/09/2022

Don’t skip open house inspections!

The first chance you get to inspect a property is at an open-house viewing. 🏠

Open inspections allow you to cast your eye over the property and see what you think.

They usually last for around half an hour and offer a great opportunity for you to get a general feel for a property's overall quality and features. 🤔

If you can, take someone else along to help you inspect a property.

Having a second perspective can help you identify potential issues and faults you may otherwise overlook.

Essentially, the idea is to just keep an eye out for anything that might be a problem down the line. 👀

01/09/2022

Our client, let's call her Mia, bought a new townhouse for $690,000 last year and planned to rent it out right away. 🏘

She rented out the property for $510 per week, for a total yearly rental income of $26,520.

Let’s start by looking at how things would have progressed without a depreciation claim. 👇

After deducting her annual expenses from her annual income, her pre-tax net income is minus $10,543. So, she’s actually running at a loss. 📉

Mia currently falls in the 37% tax bracket, so the refund for her tax loss ends up being $3,901.

If you add that refund to her loss, she would have to pay $6,642 each year to own that property. 🏘

That's a weekly loss of around $128. So that’s without claiming depreciation deductions.

01/09/2022

Our client, let’s call her Mia, purchased a brand new townhouse 🏘 for $690,000 last year and decided to rent it out immediately after buying it.

She rented out the property for $510 each week, which gave her a yearly rental income of $26,520. 💰

Now we know she ordered a depreciation schedule from Duo Tax, and according to the report, Mia could claim $15,600 in depreciation in her first year. 📅

So if we were to add her depreciation loss to her pre-tax loss, her total taxation loss would be minus $26,143.

The bigger the loss, the bigger the refund. So, this means that Mia was able to get a tax refund of $9,673. 😮

That’s quite a difference compared to the refund that she would have gotten without the depreciation.

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