Tyron Hyde is director of Washington Brown and has over 15 years experience in the construction and development industry. Considered one of Australia's leading experts in property tax depreciation, Tyron regularly presents at industry conferences and events and has published numerous articles on tax depreciation and property investment. Tyron has a Bachelor in Construction Economics from University of Technology Sydney.
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Tip #25 - Immediate Tax Write Off
Even if your portion of a more expensive item is under $300, you can still write it off…
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Tip #24 - Does Size Matter
Some of the services required as buildings increase in height are obvious, such as a lift …
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Tip #23 - Android Depreciation Calculator
Australia’s first property depreciation app is now available on Android.
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Tip #22 - Overseas Property Purchases
With the Aussie Dollar riding so high for such a long period, have you thought about buying property overseas?
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Tip #21 - Structural Improvement Claim Years
Did you know? that in order to claim the depreciation of the work external to the main residence, construction must have commenced after the 26th of February 1992.
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Tip #20 - Less is more - High Depreciation Ratio
There are 3 main reasons why lower priced property often has a higher depreciation ratio in relation to the purchase price.
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Tip #19 - Australia's first Property Depreciation iPhone App
The Property Depreciation App aims to provide you - the Property Investor - with an estimate of the likely tax depreciation deductions available on certain properties.
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Tip #18 - How to make the most of the GFC
When depreciating an investment property, the original construction cost must be used.
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Tip #17 - What you can Depreciate
With tax time just around the corner - let's make sure you're getting every possible cent!
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Tip #16 - What you can't Depreciate
Not all construction costs are eligible for depreciation - heres some of the things that don't qualify.
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Tip #15 - Free Marketing Depreciation Estimate
Are those “free” depreciation estimates from your developer up to scratch?
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Tip #14 - We Depreciate Our Own Office
Washington Brown moves from Crows Nest to the centre of Sydney. Read how we claim $35,000 instead of $5,000 in our $200,000 fitout.
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Tip #13 - Tackling the thorny issue of home insurance
In light of the recent tragic floods, many people, including myself, have looked at their insurance policy to see what they are covered for.
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Tip #12 - Look at depreciating commercial property
There are three major differences in relation to the depreciation of commercial versus residential property.
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Tip #11 - Question your investment property deprecation provider
The property tax depreciation industry has just received a major shake up. And as an investor – you need to know about it. From now on, anyone who produces property depreciation reports - must also be a Registered Tax Agent.
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Tip #10 - Claiming the maximum property depreciation up front
When you receive a depreciation schedule you have a choice to make. You have to decide whether you want to claim the depreciation based upon the Diminishing Value method or the Prime Cost method.
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Tip #9 - Slowing down depreciation
When you receive a depreciation schedule you have a choice to make - claim the depreciation based upon the Diminishing Value method, or the Prime Cost method.
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Tip #8 - Depreciation is the icing on the cake
If you're buying an investment property, depreciation should not be the initial focus of your attention. You should be focusing on things such as: future infrastructure, potential rental yield, vacancy rates in the area and how you can improve the property.
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Tip #7 - Investment properties attract tax benefits
If you buy a residential investment property where the construction commenced after 18 July 1985, you can claim depreciation on things like the brickwork, concrete, etc. This can add up to thousands of dollars in tax deductions.
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Tip #6 - Staying out of the ATO's firing line
The Australian Taxation Office (ATO) is ramping up client compliance monitoring by writing to 110,000 property investors who have purchased an investment property this year.
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Tip #5 - It's not easy being green
When the Henry Review was recently released most property investors breathed a sigh of relief. Unfortunately, one big area completely overlooked by the Henry Review was in relation to accelerating GREEN Depreciation.
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Tip #4 - Estimating is more than just an educated guess
There are two sides to the property depreciation puzzle. As an investor you're entitled to claim depreciation on the wear and tear of particular items (such as ovens, blinds, carpets etc) along with the construction cost of the building itself - provided building commenced after July 1985.
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Tip #3 - Quick guide to depreciation allowances
Washington Brown has created Australia's first and only tax depreciation calculator that allows you to estimates the potential depreciation deductions before you buy a property. But what if you are building a house - what are the likely depreciation deductions then?
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Tip #2 - Common mistakes preparing a depreciation schedule
Builders are good at building. But that doesn't necessarily make them good at maximising the depreciation allowances you are entitled to. That's why if you have contracted a builder to construct your investment property, it still pays to have a quantity surveyor prepare a depreciation report for you.
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Tip #1 - Maximise your property depreciation allowance
This month I'll discuss the depreciation implications of buying a renovated property. Most property investors now know you cannot claim building depreciation for properties that are constructed before July 1985.