Why Choose a Depreciation Expert?

IT IS WELL KNOWN that you can claim wear and tear on a business vehicle. But do you know exactly how much wear and tear you can also claim, on your investment property?

You see, many property investors are unaware how significant the tax depreciation deductions their investment properties hold – meaning they could be missing out on thousands of dollars.

As your property gets older, the building and items within it start to wear out. And the Australian Tax Office (ATO) legislation allows you (as the owner of income producing property) to claim a deduction relating to this wear and tear.

Depreciation can be claimed for a variety of commercial properties – such as offices, hotels, restaurants, retail spaces, educational facilities, warehouses, agricultural properties and many more.

Depreciation falls into two different categories:

  • Plant and Equipment … including easily removable fixtures and fittings such as dish washers, ovens, carpet, blinds, etc.
  • Capital Works … covering the structure of the property and permanently fixed assets including bricks, mortar, doors and driveways.

Depreciation Experts are recognised by the ATO

Quantity Surveyors are recognised as one of a select group of professionals deemed qualified to provide construction cost estimates for depreciation purposes.

They will use their skills to produce a comprehensive tax depreciation schedule, which outlines all the deductions a property owner is eligible to claim for both capital works and any plant and equipment assets they are eligible to claim.

Benefits of choosing a Expert

You only need to get a depreciation schedule produced once, and it will outline the depreciation deductions for the lifetime of your property. And the cost of that report itself is also 100 per cent tax deductible.

If you have not previously claimed depreciation, your Accountant may be able to backdate your claim for the previous two years, so you can recoup some additional cash back on previous years’ tax returns.

It is interesting to note that assets removed during renovations may also be eligible to be fully written off as a tax deduction. Therefore, it’s a good idea to engage a Quantity Surveyor prior to construction work starting to make sure that all removed items are identified and captured as part the depreciation report.

BMT Tax Depreciation are a national quantity surveying firm, who specialise in the preparation of tax depreciation schedules for a variety of property types. They use their expertise to ascertain the costs of building works prior to or during construction for feasibility cost management purposes.

A BMT Tax Depreciation Quantity Surveyor utilises a combination of cost expertise and knowledge of taxation legislation to concentrate on property depreciation.

The difference is ultimately reflected in your improved cash flow.

BMT Tax Depreciation will show you how to claim more deductions, pay less tax and see a greater return on your investments.

Their schedules are designed specifically for ease of use by Accountants to include depreciation deductions into your income tax assessment.

All information is prepared in full compliance with ATO regulations – meaning deductions are detailed and evidenced correctly in the event of an audit.

Bottom Line: You can quickly access a FREE, easy to use tax depreciation Calculator … which provides you an estimate of the available deductions for any property you may be planning to purchase.

Just click here to try out the Calculator.

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