Are you missing out on thousands of dollars in depreciation deductions?
Investment property owners are often unaware of the tax deductions available through depreciation. Here is a quick review:
* As a building gets older and items within it wear out, they depreciate in value and the Australian Taxation Office (ATO) allows property investors to claim tax back for this depreciation. Depreciation can be claimed by the owner of an income producing property.
* Property investors can generally claim back thousands of dollars in depreciation deductions from their investment property. Depreciation is often missed as it is a non-cash deduction and investors do not have to spend money to claim it.
* Every owner of an investment property, new or old, commercial or residential, should be claiming their maximum depreciation entitlements.
* Investors do not often realise that common property areas and items can be claimed as a depreciation deduction. These common property entitlements can add thousands of dollars to a tax depreciation claim each year, depending on the apartment complex or development.
* Engaging the services of a Quantity Surveyor who specialises in tax depreciation makes investment property ownership easier by maximising tax deductions. This can potentially improve cash flow and reduce the cost of owning an investment. In most cases, depreciation will pay yearly management fees and more.
What Property Investors should know:
* The property does not have to be new: Most properties, both new and old, will attract some depreciation deductions. A common myth is that older properties will attract no claim. It is worth making an enquiry about any property.
* “The BMT guarantee!” We guarantee that you will receive double our fee worth of deductions in the first full financial year claim or there will be no charge for our services.
* Previous year’s tax returns can be adjusted: if depreciation has not been claimed, Investors can go back and claim deductions from the previous 2-4 financial years. The ATO may have to pay the Investor money back!
* We work with your accountant: BMT Tax Depreciation will work alongside the Investor’s accountant to compliment their service and produce a report that is easily interpreted.
* We make the process easy: Simply call BMT Tax Depreciation to proceed with a report, provide a few details and we will do the rest!
We can ensure Investors’ depreciation deductions are maximised and put more money back in their pockets!