Your 2015 property depreciation checklist

With the Australian Taxation Office (ATO) encouraging rental property owners to be vigilant when preparing their annual income tax assessment in 2015, it’s important that investors understand the depreciation deductions they are eligible to claim. Depreciation continues to be an area that investors find complicated and many investors lack the knowledge of complex tax legislation necessary to accurately assess what deductions they are entitled to. This can often lead to investors failing to maximise their depreciation deductions and a potential audit if incorrect claims are made. To assist rental property owners, below are four must know points about property depreciation. These points include a depreciation checklist for 2015 and will assist investors to understand some of the rules and terminology behind claiming property depreciation. 1/ What is property depreciation? As a building gets older and the items within it wear out, they depreciate in value.

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Posted on 18/02/2015 11:45:35 AM +11:00