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Property depreciation deductions can make a significant difference to any investment property owner’s cash flow. Despite this, of all the deductions available to be claimed by investors, depreciation is the most often missed.
Every property investor can benefit from learning more about depreciation and discovering the process involved in finding out what deductions are available to claim.Here are some key points to be aware of:
To find out what depreciation is available for your property, speak with a specialist Quantity Surveyor such as BMT Tax Depreciation who will arrange a tax depreciation schedule outlining the deductions available.
* Under new legislation outlined in the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 passed by Parliament on 15th November 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 previously used plant and equipment assets. Investors can claim deductions on plant and equipment assets they purchase and directly incur the expense for. 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. To learn more visit www.bmtqs.com.au/budget-2017 or read BMT’s comprehensive White Paper document at www.bmtqs.com.au/2017-budget-whitepaper
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.
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