Are you claiming everything on your rental property?
A survey undertaken by BMT Tax Depreciation found approximately 80% of property investors were failing to take full advantage of tax depreciation. This figure only included those investors for whom the savings afforded by a tax depreciation schedule would have outweighed the cost of ordering one.
Many property investors mistakenly believe themselves ineligible to claim depreciation. This may be due to a belief that their property is too old to qualify for such deductions. Capital works deductions are unavailable to owners of residential property where construction commenced prior to 18 July 1985; likewise owners of commercial properties miss out where construction began prior to 20 July 1982. However these same restrictions do not apply to the depreciation of plant and equipment assets as limitations here do not relate to age, rather the condition and quality of each depreciable item.
If you own an investment property and are not claiming any depreciation, a free calculator is available that will give you an estimate of standard deprecation claims. The calculator can be found at: http://www.bmtqs.com.au/tax-depreciation-calculator
Please contact us 02 9318 6400 or fred.tortora@surrypartners.com.au to discuss.