Property Depreciation Schedules - The New reality

What can I Claim as an Immediate Deduction?

Immediate Deduction

It’s Tax Time – Save Money Here!

It’s tax time and I thought I’d provide a list of some things that may help you save some money.

If you’ve been reading this blog, you’d know by now that some things, name depreciation, cannot be claimed as an immediate deduction, however, there are some that can be.

So what are these expenses that can be written off immediately? Well here’s a list that will save you immediately and make sure your accountant is claiming these for you!

  1. Acquisition and Disposal Costs incurred to gain a tenant. Depreciation Calculator
  2. Charges and fees such as body corporate charges and fees, council rates, lease document expenses, legal expenses, mortgage discharge expenses, tax related expenses, insurance, and interest on loans.
  3. Fees related to hired services such as property agents’ fees and commissions, quantity surveyor’s fees, pest control, cleaning, gardening and lawn mowing, and secretarial and bookkeeping fees.
  4. Expenses that cover utility bills such as water charges, electricity and gas, and telephone calls.
  5. Installation and activation charges for items in the property such as in-house audio and video service charges and servicing costs.
  6. Other miscellaneous expenses such as travel and car expenses (although not since the 2017 Budget changes), and stationery and postage.

Remember that you may only claim these expenses if they were directly incurred by you and not the tenant.

So if you are renting out your property, now is the best time to go over your receipts and check which expenses fall under the list and before you know it, you’ll have more deductions than you bargained for!

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.

About Tyron Hyde

Tyron Hyde is a director of quantity surveying firm Washington Brown. He is regarded as one of the industry's leading experts in property tax depreciation, is regularly quoted in the media & asked to speak at conferences. -