It’s tax time – don’t forget to claim depreciation!
- 52 percent of investors do not fully maximise their tax entitlements.
- You are legally entitled to claim the depreciation of your investment property against your taxable income.
- All properties will attract depreciation deductions – new property and previously owned property qualify.
- If you have not been claiming or maximising your entitlements you can backdate your tax return up to two years!
- The cost of the Tax Depreciation Schedule is 100% Tax deductable
- If the property was built after 1985 you can also claim depreciation on hard landscaping items like Driveways, Paths, Paving, Retaining Walls, Swimming Pools, Fences, and even the clothesline.
- A recent amendment to the Tax Agents Bill came into effect on 1st March 2010 and now it is imperative that a Tax Depreciation Schedule is only prepared by a suitably qualified Quantity Surveyor like the ones we use. Or you schedule may not withstand an ATO Audit.