tax calculator

The tax calculator; an essential tool for good business

Deppro’s tax calculator, depreciation services, and expert advice give investors around Australia the boost their efforts deserve. It’s not just property investors who take advantage of these services. Real estate agents and tax professionals partner with Deppro for reliable depreciation. Business owners with one commercial property (or several) will find that the online tools will make life easier to manage.

The tax calculator

Run as a free service through Deppro’s website, it requires this data to work:

  • Purchase price
  • Property type
  • Location
  • Date of settlement
  • Area in meters squared, and
  • Year of construction

The result is generated within seconds. The ‘report’ you’re given is an overview of what the comprehensive report will look like. Here’s an example:

tax calculator estimate

This report assumes no capital works are scheduled for the building, hence the nil values in that column. But even without this category in depreciation, your building will add over six thousands dollars to your returns in three years.

The property depreciation tax calculator gives Deppro customers an idea of what their depreciation schedule will look like. After using it, the customers call Deppro for a quote and set up an appointment with one of their quantity surveyors to inspect their property. Inspections are recommended as soon as the settlement with the agent is complete. Quantity surveyors perform better work when they see everything first hand in its original condition at purchase.

The depreciation schedule and the tax calculator are useful for your accountant, too. Because of tax laws and different areas of study, accountants can’t write depreciation schedules themselves. They use the report to create a detailed return, instead. Depreciation schedules are ATO compliant only when written by a quantity surveyor. The accountant is the next link in the chain for customers to claim the maximum amount on their return.

It’s said that as many as 80% of property investors don’t know they can claim depreciation, a lot of them are missing out on this extra income that could help them expand. It’s common practice to use the money for paying off debts. Investors even use it to put down initial payments on a new property. The tax calculator, an ATO-compliant depreciation schedule and a skilled accountant are tools that you can’t go without if you want to do good business.