Tax Depreciation SchedulesDON’T MISS OUT ON LEGITIMATE TAX DEDUCTIONS
CLAIM DEPRECIATION – REDUCE TAX – IMPROVE CASHFLOW
What is a Tax Depreciation Schedule?
A tax depreciation schedule is a report on all items in an investment property that are decreasing in value.
The items in the report are identified by a full internal and external inspection of the property or identified from information provided including floor and electrical plans and specifications.
How much depreciation you can claim depends upon the settlement date, age, type and size of the property, whether improvements have been made to the property, the fixtures and fittings, plant and equipment and the ground improvements.
Unit owners are able to claim depreciation on the unit together with a proportion of the common area improvements based on the lot entitlement.
On the 15 November 2017, the Australian Parliament passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017. It is one of the most dramatic changes to property depreciation we have seen in more than 15 years.
Effectively it means that owners of second-hand residential properties purchased after 9 May 2017 will be ineligible to claim depreciation on plant and equipment assets.
The Australian Taxation Office has reported that many investors are not claiming depreciation on their investment properties. There are substantial taxation benefits available to owners of both new and older income producing properties.