Many commercial property investors are unaware that they can claim lucrative tax depreciation deductions on their properties and therefore miss out on thousands of dollars each year in unclaimed deductions.
To avoid this, it is important that investors get a commercial tax depreciation schedule from a qualified Quantity Surveyor.
However, not all Quantity Surveyors are made equal and when it comes to an ATO-compliant depreciation schedule that maximises claimable deductions, it is crucial that investors engage a specialist organisation.
What is BMT Tax Depreciation’s point of difference?
With more than twenty years of experience, BMT Tax Depreciation set themselves apart from their competitors by conducting their own comprehensive property inspections, rather than outsourcing inspections or using generic information to inform a schedule.
Depreciation schedules are BMT’s specialty and all resources are focused on creating an all-inclusive schedule to secure investors every possible deduction.
Using their detailed knowledge of all relevant taxation legislation, specialist Site Inspectors visit the property and take measurements and detailed photographs of fixtures, fittings and appliances to document assets that attract depreciation deductions.
They use a laser distance measurer device and record data on a specially designed application developed by BMT to ensure compliance.
Site Inspectors will also uncover any renovations that have been completed to the property, even those completed by a previous owner, which can be claimed by the current owner.
BMT Tax Depreciation are able to secure more deductions for investors than their competitors because of their experienced in house Site Inspectors and thorough inspection and data collection processes.
What commercial sectors do BMT Tax Depreciation service?
BMT can prepare a depreciation schedule for any commercial investment property and have experience working across many commercial sectors.
Farms, beauty clinics, ice creameries, cinemas and hotels are just some examples of commercial properties BMT can service with a depreciation schedule.
Servicing a large range of residential and commercial property owners across Australia has meant working with some diverse, and sometimes unusual, buildings in the process.
Some of the unique schedules we have completed include the iconic Melbourne Star “Observation Wheel”, the Sydney Polo Club and the world’s largest rocking horse in South Australia.
There are sizeable deductions available to the owners of any commercial investment property and it is essential to contact a specialist Quantity Surveyor such as BMT Tax Depreciation to arrange a tax depreciation schedule to ensure the available deductions can be claimed.
What is included in a commercial tax depreciation schedule?
A commercial tax depreciation schedule prepared by BMT Tax Depreciation is a comprehensive document covering all aspects of a property’s depreciation.
It includes a summary of capital expenditure and a capital allowance and tax depreciation summary outlining the 40 year deduction forecast for the property.
The document also includes a breakdown of the diminishing value and prime cost methods as well as individual schedules comparing the two methods.
You will also find pooling schedules and grouped depreciation rates in the document.
Tax depreciation schedules include simple tables and graphs to help investors understand the presented information. There is also a glossary of terms included at the back of the document for reference.
To learn more about claiming depreciation for any commercial property, visit our commercial tax depreciation page.