You Can Claim Tax Deductions in Australia for Previous Renovations When considering tax deductions in Australia, most investors only take their own renovations into account. It does make sense. After all, why should you be eligible to claim deductions on your investment property in Australia if you didn’t pay for the work? Perhaps surprisingly, you […]
How Much Does a Depreciation Schedule Cost? Typically, you could expect to pay between $385-$770 for a depreciation schedule. Your fee will vary based on the property type, location and complexity. $500-600 is a fairly standard price for an established, residential home. In these circumstances, the properties aren’t brand new. This usually means you’ve purchased […]
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 […]
If you’re not an accountant, or this is your first depreciation schedule, reading all those figures can be a little daunting. Of course you could just give the report to your accountant and let them sort out your claims for you, but maybe you want to understand how you’ve saved all that money! There are […]
Below is a list of the types of additional required information we may require to produce your comprehensive, ATO compliant Depreciation Schedule. Whilst you do not need this information at the time of accepting the quotation, you’ll need to supply this to us before we can commence work on your report. If you are unsure of any aspect […]
Whenever I am delivering a presentation or conducting a webinar, I always make sure to leave time for a 30 min Q&A session at the end. In most Q&A sessions, the topic that by-far receives the most queries has to do with the concept of “scrapping” in relation to property tax depreciation. Claiming the Residual […]
Go on holidays and claim depreciation! The ATO has recently announced a crackdown on property investors over-claiming deductions on holiday homes; this includes depreciation. If you’ve been on holiday, it’s straightforward to get caught up in the romance of owning your own holiday home. The purchase price, stamp duty and mortgages offset by the rental […]
Understanding Building Depreciation Did you know that a quantity surveyor can be extremely helpful when dealing with investment property depreciation? People naturally aren’t too happy dealing with anything that has the word “depreciation” on it which would suggest a decrease in value. In the case of investment property though, depreciation can work in your favour […]
DIY Depreciation Schedules As an expert in the market I am baffled by the number of companies offering do-it-yourself depreciation schedules. Not only are there some potential legal issues but, more importantly, you will be missing out on deductions. The DIY option generally gives you a tick sheet and asks you to take your own […]
Some people prefer to invest in brand-new properties while others opt for older properties that they can renovate and resell for profit. So, which is the better investment strategy? New vs old property? Depreciating New Properties / Houses Let’s have a look at some of the pros and cons of buying brand-new properties and almost-new […]