It’s not uncommon for property investors to notify their accountant that they have purchased an investment property, or made improvements to one, quite late in the financial year (or to forget to tell them altogether).
We can’t prevent this, but we do offer a tool to help save you valuable time – MyBMT.
What is MyBMT?
MyBMT is a free portal that allows you and your clients to seamlessly manage property depreciation needs in one place. It stores depreciation schedules and allows details to be shared between a property owner and their accountant.
MyBMT has a number of features to help accountants, especially during the busy time of year.
Find client tax depreciation schedules easily
You can create your own office MyBMT profile, linked to your work email address.
Once you set up your MyBMT account and your client has given BMT permission to share their schedule with you, you will be able to view their schedule and depreciation details through MyBMT.
If you have many clients, it’s easy to sort through the list of schedules using the multiple search functions available, including searching their name, the entity name or property address.
Be kept informed on schedule updates
You can view a client’s schedule status and progress. Once the schedule is ready, you will have the ability to download a PDF or excel copy, request it as a CSV file, make enquiries and submit amendments or request updates on your client’s behalf. For example, if your client has added an asset to the property or made a renovation you can make a schedule-update request through MyBMT to reflect this.
If a client is yet to get a schedule, you can also order one through MyBMT on their behalf. Once we receive the request, you will have access to the quoting process and be able to view a preliminary depreciation estimate through the portal.
Get interactive depreciation figures
A PDF, excel or CSV file might not be the best format for you. To help with this, your client’s MyBMT schedule page has a specified depreciation deductions section.
This section provides summaries of the three key depreciation figures you need to include in your client’s tax return – the Division 43, Division 40, and Division 40 pooled asset deductions for the financial year. Each summary has the deductions available using both the diminishing value and prime cost methods.
If you want the figures for a specific Division 40 asset, you can filter it in this section too. For example, if you’re looking for details on the property’s carpet depreciation, simply type the asset name or category and all matching details will appear – including the total cost, effective life, depreciation rates with the respective yearly deduction and the written down value.
You can also find more details on the Division 43 assets. The breakdown of this section will provide the deductions for the original capital works and any added capital improvements resulting in more deductions. The two categories are split so that the deductions are in proportion to their full forty-year period.
Reduce paperwork and filing
MyBMT has a files section for every account so items like images, invoices and receipts can be uploaded here ready for tax time. The expenses are also sorted in the Australian Taxation Office item numbers to make recording simpler.
Register for MyBMT today and make tax time easier
You can register for MyBMT at any time. It’s completely free and can make your job easier at tax time. To learn more about the platform and register, visit MyBMT today.