Six depreciation questions to ask yourself this tax time
With tax time fast approaching, here are six questions you should be asking yourself to ensure you’re getting the most out of your investment property, says Bradley Beer of BMT Tax Depreciation.
Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property, according to Bradley Beer, BMT Tax Depreciation.
BMT has created a list of assets that property investors commonly overlook when claiming depreciation, including garden sheds, exhaust fans, garden watering systems, garbage bins, intercom systems, door closers, and shower curtains.
"Although tax self-assessment makes it easier to lodge tax returns, investors often lack the knowledge of complex tax legislation and particularly the rules surrounding depreciation deductions to ensure their deductions are correct and maximised," says Bradley Beer of BMT Tax Depreciation.
