In this Video MTD explain in detail how their Tax Depreciation Schedules are set out and how to read them. We run through a sample depreciation report and take you through step by step. MTD also gives a brief summary of Building Deductions that can be claimed under ATO Division 43 and Division 40.
June 30 has come and gone and a Tax Depreciation Schedule for your investment property is a must have! when finalising your returns.
Depreciation Schedule Benefits
Claiming depreciation on your investment property will enable you to save thousands from your taxable income.
Even with the new legislation, from May 17th 2017 there are still thousands of dollars to claim on existing residential properties under Div 43 Capital Allowances.
These deductions can be claimed for 40 years from the date of construction in relation to any capital works undertaken since July 1985, either by you or a previous owner.
You may have installed new appliances, carpets or blinds. to your older investment property. These can all be claimed under Div 40.
If you have neglected to claim deductions in previous years, the good new is that you can go back and amend the previous two years to claim missed deductions.
Property Improvements
Not sure, of what may have been done by way of improvements by previous owners?
Our expert quantity surveyors that visit your property have many years experience in both residential and commercial building.
We are able to identify what improvements have been made and when, which enables you to claim the maximum deductions possible
Our Fees
100 percent of our fee for preparing the depreciation schedule can also be claimed against your taxable income in the year of expenditure.
If you have not already done so contact us or us the button below to obtain a fast quote.