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.
The Australian Government has released draft legislation for public consultation that provides property investors with the opportunity to have their say around proposed changes to depreciation deductions that were announced in this year’s Federal Budget.
Property investors who attempt to self-assess their depreciation claims this tax period instead of relying on an expert quantity surveyor may be placing themselves at risk of missing out on thousands of dollars in legitimate tax savings, says Bradley Beer of BMT Tax Depreciation.
Changes to depreciation law announced in the 2017 Federal Budget are now in force, even though limited detail is available and what we have been told is open to widely varying interpretation.
Federal government should reconsider changes to investment deductions, says REIA
Changes proposed by the federal government mean that an investor who owns a commercial investment property can claim travel costs for their annual site inspection, but a residential property investor can not.
Leary & Partners quantity surveyor and tax law expert, Kaylene Arkcoll, predicts a bleaker future for investors in residential property, particularly strata units.
BMT Tax Depreciation believes that many investors pursuing a strategy of ‘rentvesting’ may be leaving thousands of dollars of tax savings on the table by not using tax depreciation.
