If you own an investment property and you have had it professionally assessed for depreciation allowance, chances are you are paying too much tax.
Expert define depreciation as a tax deduction available to property investors.
Your investment property basically earns you an income as a form of rent from your tenants. Any activity that brings an income in one form or the other is termed as an income.
As an investor, there are many tax deduction that are available to you for example, these are things you have spent money on such as:
- Property management fees
- Council rates and other miscellaneous items used at the property
Depreciation allows you to claim a tax deduction for the wear and tear on your investment property over time.This is legal and the tax office recognise this type of tax deduction in that the building itself, as well as the plant and its equipment that include the air-conditioner,blinds,carpet will eventually become worn out over time and need to be replaced. Even if the items were purchased by someone else- a developer or previous owner, you can continue to claim deduction as they continue to depreciate in value.
Depreciation basically reduces your taxable income by far.
Who can issue a depreciation report?
After buying my second property, I thought accountants or real estate agents could prepare the depreciation report. Unfortunately these are not qualified according to the ruling issued by Australian Taxation Office, only quantity surveyors are the only ones qualified professional to prepare a report.
Here in Australia, the best company that has such resources to prepare such reports are Washington Brown Group Company, located in Sydney.
They can help you maximise your tax savings:
Washington Brown are experts in tax depreciation for investment properties and accredited quantity surveyors. They will prepare an ATO compliant depreciation report on your property outlining the legal depreciation allowances you’re entitled to claim.
They have a strong track record.
The’ve assessed over 110,000 properties for tax depreciation allowances Australia-wide.
Most investment properties qualify for depreciation and you can backdate your tax return if you have not been claiming or maximizing your entitlements!
We have developed very strong relationship such that our clients receive $100 discount if they request Washington Brown Services as you can see below:
ACT NOW AND SAVE!!
C J Investiment clients:
Use the application form on request and get your report for $660 GST inc! (usually $770.)