Of all the tax deductions available to property investors, depreciation is most often missed.
“Research shows that 80% of property investors are failing to take advantage of property depreciation and are missing out on thousands of dollars in their pockets,” said Bradley Beer, Managing Director of BMT Tax Depreciation.
As a building gets older, items wear out – they depreciate. The Australian Taxation Office (ATO) allows property owners to claim this depreciation as a deduction. Depreciation can be claimed by any property owner who obtains income from their property, making a big difference to your cash flow.
Of all the tax deductions available to property investors, depreciation is often missed as investors do not need to spend any money for it to be claimed. This is where a depreciation schedule will ensure you are claiming all the depreciation you are entitled to on your investment property.
To maximise your taxation returns owners of investment properties should organise a depreciation schedule that helps your accountant identify exactly how much depreciation can be claimed.
For more information on Depreciation Schedules, visit BMT Quantity Surveyors.
by Joe Iemma in Landlords Monthly Update
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