Investors who self-assess or estimate costs based on their own judgement when lodging their tax return are potentially missing out on thousands of dollars, according to BMT Tax Depreciation.
Jesse and Mel’s chances of winning The Block may have increased slightly after their property was shown to hold nearly $3.68 million in tax deductions for the future buyer should they decide to rent the property out.
Owners of income-producing properties can claim the wear and tear of certain outdoor structures and assets as a depreciation deduction when completing their annual income tax returns with their accountant.
Five interesting facts about your specialist quantity surveyor
Most first-time property investors soon discover that they need a tax depreciation schedule and require a quantity surveyor to supply one. But what is a quantity surveyor and how do they come up with your depreciation deductions? BMT Tax Depreciation breaks it down for you.
BMT still finding an average of $8,893 in depreciation deductions
BMT Tax Depreciation say that many of Australia’s property investors are still missing out on thousands of dollars in tax deductions each year by failing to maximise or claim depreciation for their rental investments.
