The latest edition of BMT’s bi-annual newsletter Maverick is now available. In this issue there is some great insights into depreciation, new tax rulings, back claims, granny flats and depreciation, updated construction cost tables and a whole lot more valuable information for you and your clients.
Inside issue 37:
Go back and amend previous tax returns for 2 years. Those 2 years could add up to over $26,000 in deductions. Read about how much investors are missing out on and how they can recoup some of these valuable deductions to increase their cash flow.
Find out more about BMT’s new RepCost app which allows individuals to estimate the replacement cost of their property. Use the reminder function to receive updated replacement costs each year. Download Rep Cost now
Estimates of construction costs for the purposes of depreciation have been determined to be acceptable by the ATO. Outlined within the Income Tax Assessment Act initially, a recent ATO Issues Log provides greater clarification.
Quantity Surveyors should not offer referral fees. If your tax advisor or real estate professional refers you to a depreciation provider, ask if they are receiving a referral fee. If so, ask yourself, ‘why would a consultant need to pay someone to refer their product?’
The 4% capital works rate of deduction has now expired. Find out how capital works deductions can still be claimed on older properties.
No longer just for grannies, the granny flat or secondary dwelling has grown in popularity after legislation changes in some states across Australia now allow them to be used as investment properties. Read about the amount of deductions available for these secondary dwellings.
Subscribe to The Maverick Newsletter here.