'My wife and I have been delighted with how Property Indulgence have actively and effectively managed our investment house for the last 6 years! At all times they have kept us up to date with any issues that may have arisen. Recently we had the tenant leave without paying their final few weeks of rent. Rebecca and team persistently and professionally maintained contact with the tenant until he finally paid up - without the need for further... Paul W
Are you maximising your tax depreciation deductions? Many landlords are missing out on literally thousands of dollars in lost tax depreciation deductions.
What you should know:
- Your investment property does not have to be new. Most properties, both new and old, will attract some depreciation deductions. A common myth is that older properties will attract no claim. ANY property is worth making an enquiry.
- If you have been unaware of this tax deduction you can adjust previous years’ tax returns. When a property owner has not been claiming or maximising tax depreciation deductions, usually the previous four financial years’ tax returns can be amended easily.
- You need a specialist to maximise your claim. Quantity Surveyors are recognised by the Australian Tax Office under TR 97/25 as appropriately qualified to estimate construction costs of a building for depreciation purposes.
Take the time to contact your Accountant to ensure that you are receiving the additional tax deductions to the maximum capabilities. You may also need to ensure that your Accountant is utilising the deductions from a Property Depreciation Report.