Many medical centre owners are unaware that the Australian Taxation Office allows them to claim depreciation deductions based on the wear and tear of their building and the plant and equipment assets contained in the property.
Because of this, many of these owners are losing thousands of dollars annually by failing to have a tax depreciation schedule prepared for property or place of business.
Research conducted by BMT Tax Depreciation highlights this lack of awareness around the depreciation deductions available for medical centre owners and tenants.
In the last financial year there was a -7.55 per cent decrease in depreciation schedules requested for those who own or lease a medical centre.
Items commonly found in medical centres including computer equipment, surgical instruments, treatment beds, instrument washers and medical refrigerators are all depreciable, as are other more generic assets such as air conditioning units, shelving, desks, security systems and free standing furniture.
BMT Tax Depreciation specialise in maximising depreciation deductions to ensure investors put more money back in their pockets. By obtaining a BMT Tax Depreciation Schedule, property investors – including medical centre owners and tenants – can rest assured that all available depreciation deductions are found and can be claimed in their tax return each year.
Below is an example of the deductions available to medical centre owners and tenants.
As this example shows, the depreciation deductions for medical centres can be quite substantial and should not be overlooked.
In the first full financial year alone, the owner of this property could claim $85,157 in depreciation deductions. In the first five years, they can claim $255,090. And over the life of the property, the owner was able to claim $709,163.
The fee for a schedule is 100 per cent tax deductible.
To learn more about claiming depreciation for any commercial property, visit our commercial property depreciation page.