It’s well known that you can claim wear and tear on a business vehicle, but did you know that you can also claim wear and tear on your investment property?
Many Australians are likely to be unaware that their investment properties hold significant tax depreciation deductions, meaning they could be missing out on thousands of dollars.
As your property gets older, the building and items within it start to wear out. The Australian Tax Office (ATO) governs legislation that allows owners of income producing properties to claim a deduction relating to this wear and tear.
Depreciation can be claimed for a variety of building types, including both residential and commercial properties, such as offices, hotels, restaurants, retail spaces, educational facilities, warehouses, agricultural properties and many more. Depreciation falls into two different categories: plant and equipment’ includes easily removable fixtures and fittings such as dish washers, ovens, carpet, blinds, while ‘capital works’ covers the structure of the property and permanently fixed assets including bricks, mortar, doors and driveways.
Depreciation experts are recognised by the ATO!
Quantity Surveyors are recognised as one of a select group of professionals deemed qualified to provide construction cost estimates for depreciation purposes. They will use their skills to produce a comprehensive tax depreciation schedule, which outlines all the deductions a property owner is eligible to claim for both capital works and any plant and equipment assets they are eligible to claim.
Benefits of choosing a depreciation expert!
You only need to get a depreciation schedule produced once, and it will outline the depreciation deductions for the lifetime of your property.
The difference is the bottom line!
BMT Tax Depreciation will show you how to claim more deductions, pay less tax and see a greater return on your investments.
Contact one of BMT’s expert staff on 1300 728 726 for a free estimate of available deductions.