“Connie & Pauline were very helpful & professional with the process of my application for my rental property. It was a nice change to deal with a real estate agency that actually went out of their way to help you as a tenant, considering I was looking for my new home from 1460kms away. Pleasure to do business with Property Indulgence. Their personal attention made it all worth while. Many Thanks” Lisa | Tenant
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.