Tips & Tricks of the Depreciation Trade

9 Ways to Cut Tax Bills Through Depreciation

Firstly, what is property depreciation?

Well, just like you claim the wear and tear of your car against your taxable income or the wear and tear of the desk in your office, you can claim the wear and tear of your property against your taxable income.

But the property must be income producing. You can’t do this on your residential house. Property depreciation laws vary from country to country. I feel we have pretty good depreciation laws in this country. In a lot of countries, you can’t claim depreciation. So we’re lucky in Australia.

In summary, any property depreciation you claim would reduce the taxable income by the amount of depreciation you claim.

Now there are two parts of a depreciation claim:

First part is what’s called the capital works allowance that relates to the building and the structure. It lasts 40 years. This is commonly referred to as the building allowance. Now the amount of the deduction is determined by the actual construction cost, NOT what it costs to buy the property.

And in order for you to claim this building allowance, the property must be bought after 1985 for residential properties.

The second part that we’re going to talk about is what’s called plant and equipment- division 40. It refers to things like ovens, dishwashers, carpets, blinds, and also common property like lifts, fire services, and ventilation systems.

Note: Deductions for plant and equipment items and the following information may only apply if you bought the property prior to May 9, 2017 – Read about the Budget changes here.

Now, the more of this stuff you have in your property, the greater the tax savings. Why? Because this stuff wears out quicker.

Now let’s get into some tips:

1. The higher the building, the higher the depreciation

Why? Because it has more of that plant and equipment stuff that I’m talking about and this stuff depreciates faster. It also has things like gyms, pools, etc.

tips and tricks

2. Old properties depreciate too

You’ve already paid something for it. So while you can’t claim the structure of the building, you may be able to claim the ovens, the dishwashers, the blinds, etc. This is because the plant and equipment is based upon what you pay for it and the effective life of each item can be a benefit. That means that if the carpets is going to last two years, you may be able to claim it over for 50% each year.

And at Washington Brown we are so confident that we actually guarantee our results. So if we can’t get you at least twice our fee in the first year, we won’t charge you!

3. Buy items that actually cost you under $300

For instance, if I was going to buy a microwave, I wouldn’t buy one that costs $330 because I would have to claim it at 20% per annum. However, I’d buy one at $295 because I would be able to claim it immediately.

4. Sometimes furnishing your property can actually result in a greater depreciation deduction

Why? Because the furniture depreciates rather quickly compared to bricks and concrete. So putting things like dining tables, bedding and all that stuff into a furnished Depreciation Quote Scheduleproperty can actually accelerate your claim to the point that if you were to buy $20,000 worth of furniture, you could possibly get a $10,000 deduction in year 1 alone! But you’ve got to be smart about this. You can’t furnish all properties as it really depends on the location. So, this tip does not apply to all properties.

5. The actual construction cost must be used

Now that’s not a tip, that’s in the law. But what we found lately is that there are a lot of properties out there that are actually being sold close to their construction cost – certainly in some areas.

For instance, a property is sold at the original selling price of $95,000 in 2004. Our client just paid $45,000 for it. The original construction was $52,000. Now, I don’t know any other way that you can get a deduction greater than what you pay for something.

tips and tricks

6. Utilise the residual value write-off

If you were to renovate a property that was built after 1985, you should get a quantity surveyor out before you do the renovation so that we can put some values onto items that you are about to remove and you can get a written down value of those items and claim it immediately as a tax deduction.

So if you remove the kitchen, the light fittings, the shelf screens, etc., all that stuff can be written off if your property was built after 1985.

For instance, you bought a property that was built in 1989 and in that property there was a kitchen that was originally installed and you now wish to upgrade it. If you were to demolish now halfway through its effective life, you could get a $10,000 immediate tax deduction for it! However, just remember that the property needs to be income producing before you rip it out.

So the tip here is to get a quantity surveyor out before you renovate a post-1985 property.

7. Always use an expert

Quantity surveyors have been recognised by the Australian Taxation Office to estimate construction costs where the costs are not known. Accountants and valuers for instance, are not allowed to estimate costs unlike quantity surveyors. However, be careful as not all quantity surveyors specialise in this service, but Washington Brown certainly does.

Also, as far as I know, a depreciation report is the only tax deduction that can be subjective and open to interpretation skill. Every other tax deduction is based on what you pay for it.

8. You get more depreciation on a new property

Now let’s have a look at the difference between the depreciation of a new property versus that of a four-year old property. It’s very similar to the effective lives of the property, that in fact, you’ll be surprised. Now, most of the deduction within a property is actually related to the building allowance. However, you’ll definitely get more depreciation on a new property compared to a pre-1985 property.

9. Use the Washington Brown Depreciation Calculator

Now, this is a good tip. You can go online and check the depreciation available on your own property using our calculator, the first calculator that uses live data! You can check new versus old properties, get an accurate depreciation assessment, and the great news is that it’s free!

Now, here are some bonus tips:

tips and tricks don't get a builder to do your report

Bonus tip # 1: Don’t use a builder’s depreciation schedule

Builders are good at building. They miss out items and they sometimes don’t understand that the design and council costs can be included. Let a quantity surveyor do the depreciation schedule for you.

Bonus tip # 2: The type of materials is a huge factor

If you renovate, you might want to consider the type of materials you are going to use. For instance, carpets depreciate over 10 years but the floor tiling will depreciate over 40 so it can add up.

As another example, various types of partitioning may yield varying depreciation allowances. Some depreciate a lot quicker than others.

Moreover, we have air-conditioners and fans as examples too where the depreciation differs…

The types of materials used may vary and in turn, may change the depreciation allowance you can claim. So it pays to consider the item you’re about to install.

Bonus tip # 3: You can claim renovation even if you haven’t done the work

If you buy property that was built in 1900 for instance, but was renovated in 1990 not even by you, you can still claim depreciation. You can claim the renovation cost even if you didn’t do the renovation.

Bonus tip # 4:

Our iPhone app is downloadable from the iTunes store for free, enabling you to get numbers at the tip of your fingers! This great app also works on the iPad. Depreciation Calculator

If you want to crunch the numbers yourself, you need to input the 5 pieces of information below:

  1. Purchase price
  2. Nearest city
  3. The year the property was built
  4. Property type
  5. State of the finish within the property

Then, click calculate and Bingo! You can compare the depreciation deductions between the diminishing value method and the prime cost method!

And if you’re happy with the results, simply get a quote from us and give us a call so we can discuss the property over the phone. It’s all in the power of your hands!

Here are five things for you to take away today:

  1. Old properties depreciate too
  2. You don’t have to buy new to claim renovation
  3. Renovation helps your cash flow
  4. If you’re about to renovate a property that was built after 1985, get us out before you do so
  5. And remember: Always use an expert!

Thank you and if you have any questions, please contact us at 1300 990 612 or send an email to

If you need a depreciation schedule for your investment property – get a quote here or work out how much you can save using our free calculator.

Claim Depreciation on your Overseas Property

overseas property

Fancy a villa in Tuscany? What about a condo in LA or a loft apartment in New York? Yes, please!

But the question everyone wants answered; can I claim depreciation on this property… The simple answer is yes!

Difference between overseas and Australian property depreciation

The main difference between an overseas property and one in Australia is in regards to claiming the building allowance. That’s the wear and tear on structural elements of the property like bricks and concrete.

With Australian properties you’re entitled to claim 2.5% of these construction costs per annum, as long as the property was built after July 1985. The rate for overseas properties is the same – but the date is different. Construction of an overseas property must have commenced after 1992.

So, the easiest way to maximise your deprecation benefits on an overseas property, is to look for a newer property that has been built in the last decade or two. Internal items like carpets, ovens, lights and blinds – can also be depreciated, as you would with an Australian property. This is often referred to as plant and equipment.

(NOTE: Deductions for these plant and equipment items may only apply if you bought the property prior to May 9, 2017 – Read about the Budget changes here).

A good place to start your research is on the ATO’s website. You can download a publication called Tax Smart Investing: What Australians Investing in Overseas Property Need To Know.

Research

Like any property investing, you’ll need to do your homework. This entails researching the local market, finding out about rental yields and occupancy rates. But the best Depreciation Calculatorthing about research nowadays, it that this can all be done online at the tip of your fingers.

The main barrier to depreciating an overseas property is working out the constructions costs, along with the expense of flying a quantity surveyor overseas.

Washington brown has a number of affiliations around the world. We regularly inspect properties in London and New Zealand. I even did an inspection in Koh Samui, Thailand recently.

So there you have it. You can still invest in overseas property and reap the benefits of the Australian Tax system’s depreciation laws. But remember, the property must have been build or renovated after 1992.

If you need a depreciation schedule for your investment property – get a quote here or work out how much you can save using our free calculator.

When’s The Right Time To Buy Property?

right timeA lot of people buy property when interest rates go right down. For example, two years ago there were a lot of people buying property because interest rates were extremely low. And of course, it makes logical sense. Everyone goes out and buys when this happens, which generates a higher demand in the market. But who would not want to buy property if you can lock in interest rates and borrow at 5% for five years?

But for me, I prefer not to rush. Sometimes, I choose to sit back and wait when the market is hot. I’ve learnt that sometimes being patient with your money is a virtue. You don’t have to buy something every year. It might be better to save up for 10 years, and then come and pounce when not as many people are in the market.

Sometimes when the rate goes up to 9% and no one can afford to buy. So, I’d actually rather buy then and have enough money. That way I don’t have to worry about having a big debt or fighting with other investors. You don’t want to be in so much debt when rates go up again.

I don’t want to buy when there are 100 people going to auction against me. I’d rather buy when there are not a lot of buyers.

Work out how much you save using our free property depreciation calculator or make it happen and get a free quote for a depreciation schedule now.

This blog is an extract from CLAIM IT! – grab your copy now!

Depreciation Quote Schedule

Calculate It! The Property Depreciation Calculator

Whenever I give a seminar about Property Depreciation, I always have a Question & Answer session at the end

In the seminar, I discuss how I created the Property Depreciation Calculator and spoke about how it helps property investors make informed decisions about the type of rental property they want to buy.

Then this guy up the back puts his hand up the back and asks, “What’s so special about your Property Depreciation Calculator?”

“Well”, I say, “Let me tell you…”

“I’m pretty proud of our property depreciation calculator. It took me 4 years to build and is the only one of it’s kind. In fact, it’s the only property depreciation calculator that lets you work out the depreciation of a property based upon a proposed purchase price.”

“You see, I believe you can’t really work out the depreciation of a property by entering an area. And, let’s face it, how many of us know the internal unit area of our property. Do we include balconies, garages, common areas etc… That’s why I think the other calculators on the market that use an area are flawed.”

I’m pretty excited by now, and I go on…

“I’ve got to be honest, when I first started creating this, well, I had more hair!! It was a long and arduous task.”

“I think no two houses are the same. So, basing the depreciation of a property on it’s area is flawed. I wanted to create a property depreciation calculator where people could enter a proposed purchase price and easily get a result.”

Depreciation Quote Schedule“Now, in order to do that we needed to come up with a way where the calculator would grab lots of similar property types, add them up and average them out.”

“That’s why it took 4 years to build. We needed enough data in the calculator to make it a calculator that property investors could use. And today, I’m proud to say, day in – day out… It remains the most used part of our website.”

“We’ve actually got a patent pending on it… Again, a reason why I’m proud.”

If you need a depreciation schedule for your investment property – get a quote here or work out how much you can save using our free calculator.

6 Reasons to Love Property

There are a myriad of reasons as to why I have been drawn to property

Below are the six main reasons:
love property

Reason # 1 – You can add value

One of the principal advantages of investing in property is that you can buy a rundown old property and increase the value of your investment by getting your hands dirty, or paying someone to get theirs dirty instead!

In comparison, it would be hard to add value to the Commonwealth Bank shares I own. Sure, I bank with the Commonwealth, but I don’t think my day-to-day savings account is going to add much value to the bank’s profits and in turn increase the value of my stock portfolio.

Admittedly, I can vote when it comes to the company’s annual general meeting, but are the voting rights attached to my 1,000 shares really going to make a difference?

For example, installing new carpet, painting and adding new blinds to an investment property will make an immediate difference to the tax returns available to an investor.

Reason # 2 – There is limited supply

A builder once said to me, “You can’t make property from a plastic mould”. I like the fact that property takes a while to plan and build Depreciation Quote Schedule because, in my opinion, the demand and supply equation has a lot to do with the price of property.

A development across the road from where I live in Bondi has been ‘in council’ for three years now. This means, it has taken three years for all the planning approvals to be passed – before construction has even started. And it will probably take two more years to build.

That’s five long years for the developer.

With shares, however, the company can make a capital raising at any time or issue options to directors or employees. This type of activity can dilute your shareholding making your piece of the pie smaller.

In contrast, you or the government can’t just issue another house and lot or land package in Bondi or any suburb you happen to like.

Reason # 3 – There are some capital gains tax exemptions

Unlike any shares I currently own, the home I live in does not attract capital gains tax (CGT) when I decide to sell it. The sale of your principal place of residence is one of the only assets that you won’t pay capital gains tax on. This has proved lucrative for many Australians, and I can’t see the law changing in this regard for a long time.

love property

Reason # 4 – It’s easy to KISS (Keep it Simple, Stupid)

I like property because it’s easier for me to understand compared to shares or other types of investment. Granted I work in the property industry, but I know if I buy a property for $500,000, I can get $600 a week rent. There will be expenses that I can work out and I can use the Washington Brown depreciation calculator to work out my depreciation claim. It’s simple, really! Have you ever read a share prospectus or company annual report and completely understood it?

Reason # 5 – I am the master of my own domain

I like property because I can be the master of my own domain. I can be the CEO of my property portfolio, the CFO of my investment and answerable to the board directors that I care about – my wife.

I don’t know about you, but I’m pretty sick and tired of golden handshakes to CEOs who have done the wrong thing to their staff or shareholders. I’m over self-interested company directors who pretend they have shareholder company value at heart. Do they really? As the CEO of my property portfolio I can guarantee I’m looking out for number one- myself!

Reason # 6 – It’s not a constant reminder

I like property because I’m not reminded of how much I have lost or made every day. Regular share market updates in the media mean you are constantly aware of the Depreciation Calculatorgyrations of the market and the value of your shares. And it’s really not necessary. I personally don’t wake up and wonder what the Nasdaq did overnight and I don’t want to worry about how that’s going to affect my share portfolio – if at all. If I need to have my property valued for any particular reason, for example if I plan to sell it or borrow against it, I will employ the services of a valuer. At all other times, as long as it’s not causing me any problems and the tenants are paying their rent, then I’d prefer to let it appreciate in value in the background without being a constant reminder.

Work out how much you save using our free property depreciation calculator or make it happen and get a free quote for a depreciation schedule now.

This blog is an extract from CLAIM IT! – grab your copy now!

Taking A Peek At The Prestige Top End

For many of us, living in a grand harbourside mansion with all the bells and whistles is a pipe dream. It’s a fairy tale world for the rich and famous.

But it seems there are many wealthy buyers out there for luxurious properties. Consequently, Australia’s prestige property market is reportedly performing well.

Recent sales back up this assertion, with record prices recently being set in both Melbourne and Brisbane. As well as in individual suburbs within these cities and in Sydney.

A four-bedroom mansion at 9 Towers Road in Melbourne’s inner eastern suburb of Toorak that sold at the end of last year for $26.25 million set a record for not only for Melbourne, but for Victoria.

Meanwhile in Brisbane a five-bedroom house with city and river views at 1 Leopold Street in Kangaroo Point, just east of the CBD, just sold for a record $18.48 million.

In Sydney last year four waterfront homes in Vaucluse were purchased for a total of $80 million by Leon Kamenev, the co-founder of Menulog, with many other double-digit sales taking place throughout the year.

Prestige property prices rose by more than 11% in Melbourne over 2016. With Toorak being the best performer, recording more than 30% growth, according to Domain. In Sydney and Brisbane prestige prices rose by 15.3% and 7.4% respectively.

prestige property

What is a prestige property?

What constitutes a ‘prestige property’ differs across markets. But in the major metropolitan markets it’s generally considered to be property worth at least $2 million.

In Sydney, where median prices are the highest in Australia at $880,000, the prestige market is considered to start at around $3 million.

Once upon a time property over $1 million was considered to be high end. In many cities this is no longer the case, with medians creeping higher.

In many inner-city suburbs, $1 million will now only buy you a pretty standard house, not a mansion!

 

Who’s buying?

It’s the rich, but not just the famous, buying in this market.

There are plenty of local buyers looking for lifestyle. But there has also been an influx in foreign buyers and expats. This is due to uncertainty created overseas by the election of Trump and Brexit, as well as the falling Australian dollar.

It’s not a huge part of the market, with these properties said to make up just 5% or less of the overall market in Australia, but it’s a growing part.

In fact, CoreLogic research shows that the number of sales above $2 million has more than tripled in the last ten years, driven by Melbourne and Sydney.

 prestige property

Are investors in this market?

Your average mum and dad investor can’t afford to splurge on a prestige property. It’s predominantly an owner-occupied market, although there are properties in the top end of the market that are tenanted.

Those looking to invest in the top end must do their research to make sure they don’t overcapitalise. While also buying something likely to experience capital growth.

It can be hard not to overpay due to an absence of comparable properties to determine the value. Many vendors also stick to unrealistic sale prices since they’re usually not forced to sell.

Properties situated in the inner ring of capital cities often fit the criteria for capital growth, as there is no shortage of demand. Lifestyle areas can also be a good bet for growth; they’re becoming popular again with people increasingly looking to work remotely or commute to work.

For resale value consider what buyers of prestige property want. They want particular attributes from the property itself. Such as impressive architecture or facilities such as a tennis court, entertaining areas or fantastical views. Then they also want to be in close proximity to amenity such as private schools.

While the number of potential buyers for your property will be smaller than that for a cheaper home, if you sell at a time when demand exceeds supply you could make a significant profit.

Just be careful since this market can be susceptible to economic fluctuations, so timing will be important.

Depreciation Calculator

The outlook for 2017

After suffering during the global financial crisis (GFC) the prestige market is now said to be firing in many different cities due to a return of confidence. It’s expected there could very well be more record sales this year.

This is especially the case for Sydney, Melbourne and Brisbane, as well as the Gold Coast. This regional city had the most expensive sale for Queensland last year. The home of former Billabong executive Scott Perrin in Mermaid Beach selling for $25 million.

Solid demand for the prestige market could outstrip the restricted supply, which means prices could be pushed up further.

Perhaps surprisingly, it can be hard for buyers at the top end to find something suitable that meets all their criteria. While there are plenty of more affordable properties for sale at any one time, the fact that there are a smaller number of prestige properties and they’re often tightly held – or sold off market – means there is far less to choose from.

Depreciation Quote Schedule

Back-to-basics on Property Depreciation

How does investment property depreciation work?

Holiday Home Depreciation AirBnb

What is depreciation?

Let’s start right at the beginning. Depreciation is basically a tax deduction available to property investors. Your investment Depreciation Quote Scheduleproperty earns an income (in the form of rent from your tenants). So, as with any activity that produces an income, there are various tax deductions available to you.

Normally these tax deductions are things you’ve spent money on, such as property management fees, council rates and other miscellaneous items. You pay an amount of money, you receive a tax invoice and receipt, and you use that piece of paper to claim a tax deduction when tax time rolls around.

Property depreciation

However, property depreciation is what the tax office calls a ‘non-cash deduction’. This means you don’t physically fork out cash in order to claim a deduction. I have also heard it referred to as ‘on paper deductions’ for the same reason. Depreciation allows you to claim a tax deduction for the wear and tear on an investment property over time.

This tax deduction recognises the fact that the building itself will become worn out over time and eventually need to be replaced. This also includes its plant and equipment; for example, air-conditioners, blinds, and carpet, etc. It doesn’t matter that these items were paid for by someone else – a developer or previous owner – you, the current owner, can continue to claim deductions as they continue to depreciate in value.

(Note: Deductions for these plant and equipment items may only apply if you bought the property prior to May 9, 2017 – Read about the Budget changes here).

As with any tax deduction, depreciation basically reduces your taxable income. So if your income was $100,000 for the year, and you claim $10,000 worth of deductions, you only pay tax on $90,000. The table below shows you the difference depreciation can make to monthly returns from your property investment.

Of course, these calculations are for the purposes of illustration only. The exact amounts depend on the age of your property and various other variables. This is all covered in my book, CLAIM IT!

Depreciation Calculator

Work out how much you save using our free property depreciation calculator or make it happen and get an obligation free quote for a depreciation schedule now.

This blog is an extract from CLAIM IT! – grab your copy now!

How is Property Depreciation Calculated?

Office, business tools with dollars and calculator on table

The Process

Before feeling intimidated by the following explanation, if you so choose, all you really need to know is that a quantity surveyor can inspect your property and prepare a depreciation schedule for you, without you having to understand how exactly depreciation is calculated.

If that is the case, all you’ll need to do is hand it over to your accountant at tax time. That’s all you need to know, if you wish.

What if I do my own taxes?

If you do your own tax return, you can easily include the figure straight from the quantity surveyor’s report yourself.

You don’t need to worry about complicated calculations. In practice, it’s as easy as a phone call to a quantity surveyor to ensure you get all of your allowable depreciation deductions. He or she will produce a one-off report you can use year after year. Another benefit to you, is that you can claim the cost of that report as a tax deduction as well.

The Calculation

Depreciation CalculatorMany investors, however, will want to understand the process for themselves. So, now for the nitty gritty. Here is an explanation of the laws behind depreciation. To give you some background, there are two parts of the Income Tax Assessment Act 1997 we are dealing with here:

  1. Division 43 (Capital Works Allowance); and
  2. Division 40 (Plant and Equipment)

Note: Deductions for these plant and equipment items may only apply if you bought the property prior to May 9, 2017 – Read about the Budget changes here.

The capital works allowance (more commonly referred to as the building allowance) refers to the construction costs of the building itself, such as concrete and brickwork. Plant and equipment refers to items within the building like ovens, dishwashers, carpet and blinds, etc.

Each of these two categories incurs claims. The building allowance is calculated between 2.5% and 4% per year of original construction costs (depending on the date of construction). Plant and equipment has a number of categories in which items are claimed at different percentages over their effective life. I’ve used the Washington Brown depreciation calculator to demonstrate the following example of how much you can claim on a standard $400,000, high-rise, two-bedroom unit in Melbourne.

Example of Depreciation Calculator:

Files and graphs

Work out how much you save using our free property depreciation calculator or make it happen and get an obligation free quote for a depreciation schedule now.

This blog is an extract from CLAIM IT! – grab your copy now!

Can I DIY my own Depreciation Report?

As an expert in the market I am baffled by the number of companies that offer do-it-yourself depreciation schedules. Not only are there some potential legal issues but, more importantly, you will be missing out on deductions.

The Issue with DIY Depreciation

The DIY depreciation option generally gives you a tick sheet and asks you to take your own measurements of rooms and other parts of the property.

DIY depreciationNow, let’s say you measure from one bedroom wall to the other. If you do that all around the house you could reduce the property by 10% in gross area. At around $1,500 per square metre to build, you would have missed out on something like $15,000 worth of tax deductions.

When a client comes to us needing a depreciation report, we will send out a quantity surveyor to do a thorough site inspection. This involves a measurement of all the rooms and areas in the property (allowing for wall widths and other anomalies) and all the plant and equipment items including carpets, blinds, ovens and air conditioners.

It is a thorough process and you should use technically qualified people to do it.

The Australian Institute of Quantity Surveyors’ (AIQS) Code of Practice also stipulates that site inspections are necessary to satisfy ATO requirements. This guarantees you won’t miss out on any deductions. The documentation can then be used as evidence in the event of an audit.

Depreciation CalculatorThe AIQS also points out that those property owners who attempt to estimate their own depreciation, or use non quantity surveying qualified people, risk submitting an incomplete or poor depreciation report, which could be a double whammy. It could not only cost them in missed deductions but could also possibly attract an audit by the ATO if their report is not up to the standard required.

Work out how much you save using our free property depreciation calculator or make it happen and get a free quote for a depreciation schedule now.

This blog is an extract from CLAIM IT! – grab your copy now!

Beat the End of Financial Year Rush

end of financial year rush

Simple Tricks For Beating The End of Financial Year Rush

Every one exchanges and settles a property on different days throughout the year. However, the end of the financial year only occurs once. As does the end of year rush!

Your report should calculate exactly how much money you can claim for building allowance depreciation, based upon the number of days you have owned the property in that financial year.

For instance, if you settled on June 30, you should only be claiming 1 / 365 of any value attached to, say, the oven or the Depreciation Calculatorcarpet. (See this post on small items under $300 and low-value pooling for exceptions to this rule). Some reports from other companies do not do this calculation for you. If this is the case, this will cost you money in terms of additional accounting fees.

One important point I’d like to take note of regarding the timing of getting your depreciation report, is that you should get it sooner rather than later. Don’t wait for the end of financial year deadline when everyone else is scrambling to get a report.

If you have settled on a property late in the year (say around November or December), order a depreciation report right away so you can avoid the June rush. Often, offices pile up with work around the end of financial year. Due to this there is always the possibility you won’t get your report on time if you leave it until the very last minute. In some circumstances, you are also able to request monthly deductions, rather than wait until the end of the financial year. Having the depreciation numbers included in your tax variation will assist you.

Work out how much you save using our free property depreciation calculator or make it happen and get a free quote for a depreciation schedule now.

This blog is an extract from CLAIM IT! – grab your copy now!