Tax Depreciation can benefit anyone with a rental property! It is all about working out how much your investment property depreciates over time, and claiming these values on your tax return! Depreciation is the “good side” of tax and Tax Depreciation Schedule is all about making your rental property more affordable!
Kristian Jeromson, Principal at Asset Reports, addresses the top 4 common myths about Tax Depreciation:
Some Accountants may organise for a Tax Depreciation Schedule to be completed for you, however it may end up costing you more time and money as the Accountant will need to contact a quantity surveying company to complete this for you. It is always best to arrange for a Tax Depreciation Schedule to be completed as soon as you purchase your investment property. Your Blackburne Property Manager can arrange to have Asset Reports carry out a schedule for you and deduct the cost of the report from your rental proceeds.
Not at all! You can still claim previous year’s depreciation; this is known as recouping missing deductions and can be done for up to two previous financial years.
A Tax Depreciation Schedule completed by Asset Reports is valid for up to 40 years. There is just an affordable once off fee which is completely tax deductable!
If you own a small apartment you may be able to claim part of the common areas as well as the apartment itself!
Whether you have a small apartment, a large house or even a commercial property, it is always worthwhile to have a Tax Depreciation Schedule in place as every little bit helps!
Contact your Property Manager today to ask how they can assist you.