As we approach the end of the financial year we thought it might be a good time to explain the benefits of a tax depreciation report. Any owner of a property that generates an income is eligible to receive significant taxation benefits. "Research shows that 80 per cent of property investors are failing to maximise the deductions claimed from property depreciation and are therefore missing out on thousands of dollars in their pockets," said Bradley Beer, the Chief Executive Officer of BMT Tax Depreciation. "Depreciation is often missed because it is a non-cash deduction -the investor does not need to spend money to claim it," said Mr Beer. Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the depreciation of your investment property against your taxable income. Anyone who purchases a property for income-producing purposes is entitled to depreciate both the items within the building and the cost of the building itself –against their accessible income. So for anyone who's unfamiliar with the process, here's a basic guide to help lead the way. There are two types of allowances available: - Depreciation on Plant and Equipment : Plant and Equipment refers to items within the building like ovens, dishwashers, carpet and blinds etc. - Depreciation on Building Allowance: Building Allowance refers to construction costs of the building itself, such as concrete and brickwork. Both these costs can be offset against your assessable income. Basically, a depreciation schedule will help you pay less tax. The amount the depreciation schedule says you claim effectively reduces your taxable income. Consult the expertise of a qualified Quantity Surveyor such as BMT Tax Depreciation to maximise depreciation deductions for an investment property. BMT has a relationship with Eview Southern Peninsula and Getaway Mornington Peninsula and can offer our clients a reduced fee when they order a BMT Tax Depreciation Schedule. Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia-wide service.
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Welcome to Eview Group vendor online services.
Eview Group Vendor Online Services is a system designed to keep you informed of the sale process of your property.
You are able to view inspection comments, buyer enquiry, approve ads, and more.
If you have been provided a vendor code by your sales representative please enter below or contact your Eview Group Representative.
Welcome to Eview Group vendor online services.
Eview Group Vendor Online Services is a system designed to keep you informed of the sale process of your property.
You are able to view inspection comments, buyer enquiry, approve ads, and more.
If you have been provided a vendor code by your sales representative please enter below or contact your Eview Group Representative.