Sell with Confidence
Read More
News

Missed Deductions Add Up

Are you looking to maximise you investment property depreciation claim? The team at BMT Quantity Surveyors have compiled this handy article to ensure you are getting the most out of your investment.

Closed circuit television systems, garden watering systems, intercom systems and solar powered generating system assets are all assets which are often missed by property investors when claiming depreciation.

These and other missed assets such as door closers, freestanding bathroom accessories, garbage bins, shower curtains and smoke alarms are part of a list we have compiled to help investors avoid missed depreciation deductions.

Although many of these items have a low depreciable value, as shown in the above table, the depreciation deductions which can be claimed for these items can add up to thousands of dollars for an investor.

So here’s the system to help investors ensure no item is missed and to maximise their depreciation deductions:

  • Take note of the assets included in the above table
  • If you have a depreciation schedule and you own any of these assets, confirm with your Accountant that they are included in your schedule and your depreciation claim. If items have been missed, the Australian Taxation Office will allow you to go back and amend the previous two years of missed deductions
  • If you don’t have a depreciation schedule you should talk to a specialist Quantity Surveyor as soon as possible
  • Ensure your specialist Quantity Surveyor can outline the deductions available for assets which are eligible* to be written off immediately or added to the low-value pool

*Under proposed changes outlined in draft legislation (section 2 of Treasury Laws Amendment Bill 2017), investors who exchange contracts on a second hand residential property after 7:30pm on 9th May 2017 will no longer be able to claim depreciation on plant and equipment assets. Investors who purchased prior to this date and those who purchase a brand new property will still be able to claim depreciation as they were previously. BMT Tax Depreciation will be making an official submission outlining our concerns along with suggestions of alternative methods to better resolve the Government’s integrity issue. To learn more visit www.bmtqs.com.au/budget-2017.

A specialist Quantity Surveyor will use their expert knowledge of tax legislation to ensure the maximum deductions are claimed for each individual asset.

Article provided by BMT Tax Depreciation.
Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation.  
Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia wide service.

Up to Date

Latest News

  • Build it for the kids. Auction success.

    22 Hulme Street, Palmview Sold for $630,000 by Natalie Tink It’s not every day you get to be part of a project that’s makes a real difference to the lives of Sunshine Coast children. Agent Natalie Tink says the recent sale of 22 Hulme Street, Palmview was something Ray White … Read more

    Read Full Post

  • Setting new sales benchmarks in the Kuluin market

    IT was smiles all round for both the vendors and the new owners of 290 Main Rd, Kuluin, with agent Rowan Woodbine, successfully selling both parties properties to create one big happy ending! Developing a close connection with the vendors since first selling them the property two and a half … Read more

    Read Full Post