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Did you know 80% of all investors do not maximise deductions each financial year?
What is Tax depreciation When a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) governs legislation that allows owners of any income producing property to claim a tax deduction for this wear and tear. Tax depreciation benefits Claiming depreciation deductions is a significant taxation benefit, and one which many investment property owners are unaware of. Depreciation is a non-cash deduction meaning you do not need to spend any money to claim it.
How do property investors claim depreciation? In order to claim depreciation deductions property investors generally need to enlist a specialist Quantity Surveyor to complete a comprehensive capital allowances and tax depreciation report or schedule. When completed, a tax depreciation schedule outlines the deductions available for both capital works and plant and equipment assets and is used each financial year when preparing tax returns.