A tax depreciation specialist can help you claim maximum depreciation deductions – even on a newly purchased property near the end of a financial year.
Organise a depreciation schedule before settlement
You can maximise partial year deductions with a depreciation schedule prepared by specialist Quantity Surveyors who have insider legislative knowledge to help you make the most of a partial-year claim. Don’t wait until the next financial year to save money – start claiming partial year deductions now!
A specialist Quantity Surveyor can make use of legislative tools to make partial year claims more beneficial to the owner; regardless of how long a property has been owned and rented. Any item in a property that’s valued at under $300 can be written off immediately – regardless of how many days the property’s been owned. You can also take advantage of low-value pooling – where groups of items worth less than $1000 are depreciated together.
How one BMT client saved thousands
An investor purchased a house for $550,000 and rented from June 2. Even though this property was only owned and rented for twenty nine days, the owner was able to claim back $4,852 for the first financial year. How? BMT Tax Depreciation was able to find:
- $1,288 in immediate write-off allowance for items costing under $300
- $2, 274 for low-value pooled items, and
- $520 by depreciating remaining items based on the remaining financial year.
A BMT report and tax depreciation schedule will list partial year claims in a separate column, making the process simpler for your Accountant.
Download the detailed case study available in Maverick – Issue 32
Why use BMT Tax Depreciation?
A qualified tax depreciation specialist is able to help property owners maximise their depreciation claims. We use current legislation available through the Australian Taxation Office to ensure that depreciation claims can be truly maximised – even for a partial financial year. Request a quote today to find out how a specialist Quantity Surveyor can help you accelerate the depreciation benefits of your investment property today.