EOFY is approaching – are you claiming what you are entitled to?
With June 30 rapidly approaching, we thought it would be beneficial to shed some light on an allowable claim that many property investors are not taking advantage of – tax depreciation.
Many investors assume you can only claim depreciation when renovating or refurbishing their property. But according to Tax Depreciation Quantity Surveyors (the experts in this area), this is not true.
According to research, around 80% of residential investment property owners miss out on thousands of dollars they are entitled to simply because they don’t understand the depreciation entitlements they can claim.
CEO of BMT Tax Depreciation Quantity Surveyors, Bradley Beer says claiming maximum depreciation deductions can make a big difference to your cash flow. He says, “Of all the tax deductions available to property investors, depreciation is most often missed as you do not need to spend any money on your property to claim these deductions.”
So what is depreciation?
Put simply, depreciation covers both the wear and tear (of the structure, fixtures and fittings) and any decline in value of a residential investment property. Here are a few key points about depreciation that you may not be aware of:
- Both new and old investment properties benefit from depreciation.
- The average claim in deductions in the first full year is between $5,000 and $10,000.
- You are entitled to claim back missed dollars (for up to two previous tax returns).
- A good Tax Depreciation Quantity Surveyor works with their client’s accountant to maximise deductions.
- Quantity Surveyors are one of the few professionals recognised by the ATO to have the necessary construction costing skills to estimate building costs for depreciation.
We work with BMT Tax Depreciation to help ensure our landlords claim every dollar in depreciation deductions they are entitled to. You will shortly receive an email with further information and a special offer from BMT Tax Depreciation for a free assessment of your likely deductions.
Laetitia celebrates 6 years with us!
Property Manager Laetitia Pearce has been with us for 6 years! To celebrate this milestone we enjoyed a delicious Yum Cha feast with the team. Laetitia is about to head off on annual leave and will be away for five weeks. We wish her an amazing European adventure! Tennille will be looking after Laetitia’s clients in her absence. Laetitia will be back on deck on June 27.
Rental market for the last 30 days
- Tenant enquiries: 270
- Tenant inspections: 45
- Properties leased: 11
- Average rent: $466