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Oops! Top 3 Most commonly missed deductions

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Tax time is just around the corner so now is the time to make sure you're getting every possible cent of depreciation allowances. Surprisingly, there are a number of key items investors neglect to claim and these can have a significant impact on your bottom line.

They include:

  1. Design and Professional Fees. This includes architectural fees, engineering costs or other design fees that were part of creating the property.
  2. Council Costs. This isn't limited to Building Application and Development Application Fees. If the developer had to make contributions to council for local community works such as a playground, this can also be claimed.
  3. Building Profit. This is only relevant if you engage a builder directly to complete your investment property. You cannot claim this is you buy from a builder / developer.

If in doubt the best thing to do is contact us for clarification. We can advise and help ensure you claim the maximum depreciation allowance.