Many property investors are not aware that the Australian Taxation Office allows them to claim depreciation deductions for the wear and tear of a building over time and the plant and equipment assets contained within the property*.

BMT Tax Depreciation specialises in maximising depreciation deductions, helping property investors claim the maximum available deductions they are entitled to.

Below are three helpful tips to ensure you get the most out of your investment property.

  1. The cost of preparing a tax depreciation schedule is 100 per cent tax deductible
  2. If you haven’t been claiming previously, you are entitled to adjust two previous tax returns to recoup missed deductions
  3. Previous renovations can be estimated and claimed in your tax return

If you would like to know more about property depreciation, please contact our expert team on 1300 728 726 or visit www.bmtqs.com.au.

* Under new legislation outlined in the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 passed by Parliament on 15th November 2017, investors who exchange contracts on a second-hand residential property after 7:30pm on 9th May 2017 will no longer be able to claim depreciation on previously used plant and equipment assets. Investors can claim deductions on plant and equipment assets they purchase and directly incur the expense for. Investors who purchased prior to this date and those who purchase a brand new property will still be able to claim depreciation as they were previously. To learn more visit www.bmtqs.com.au/budget-2017 or read BMT’s comprehensive White Paper document at www.bmtqs.com.au/2017-budget-whitepaper

Article provided by BMT Tax Depreciation. 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.