» end of financial year

Six depreciation questions to ask yourself this tax time

BMT team — Tue, 28 May 2024 05:53:56 +0000

With tax time fast approaching, here are six questions you should be asking yourself to ensure you’re getting the most out of your investment property. 1. What are some common deductions I’m entitled to as a property investor? As a property investor, you’re entitled to a range of tax deductions. These will help lower your taxable income and make owning an investment property more viable, particularly if you own a negative cash flow property. Some of the tax deductions available to investors include deductions on council rates, the interest from a mortgage, property management fees, land taxes, strata fees, maintenance costs, insurance, accounting fees and depreciation. Of these deductions, depreciation is the most often missed. This is because it is a non-cash deduction. That is, the owner does not need to spend any money to claim it. In fact, research has shown that 80 per cent of property investors are missing out on the depreciation deductions they’re entitled to. However, given that investors can claim an average of $9,000 – $15,000 in deductions in the first full financial year alone, this is a deduction that should not be overlooked. A BMT Tax Depreciation Schedule outlines all the deductions you can claim for your property. It lasts for forty years and the fee for preparing it is 100 per cent tax deductible. 2. I’ve bought an investment property in the last few months – can I make a claim this tax time? If you haven’t owned the property for long and it’s only been income producing for a few months in the last financial year, you will be able to make a partial year claim. The Australian Taxation Office (ATO) allows investors to make a claim for depreciation based on the amount of days a property was available for lease. This could be if you’ve only recently purchased an investment property and only have one month to claim for, or you use your home as a holiday rental for part of the year. A BMT Tax Depreciation Schedule makes a partial year claim like this easy for you and your Accountant. 3. Do I need to update my tax depreciation schedule? If you’ve made any updates to your property in the past financial year, such as a renovation, it’s a good idea to get in touch with your Quantity Surveyor to see if you will require an updated depreciation schedule. It’s important to be aware that there is a difference between a repair and a capital works improvement as this will affect your claim. The cost of any repairs can be claimed in full in the same financial year they are completed. An improvement, on the other hand, is when you improve the condition of an item or property beyond that of when it was purchased. Such improvements are capital in nature and must be depreciated over time. For this reason, if you’ve made any renovations or improvements to your property in the last financial year, you should seek the advice of a property depreciation specialist or Quantity Surveyor to ensure it is claimed correctly. An updated tax depreciation schedule may be required after a renovation to capture all newly installed plant and equipment assets or capital works expenditure. 4. Am I maximising the deductions for my property? It’s one thing to be claiming deductions, but are you maximising them? A Quantity Surveyor specialising in depreciation will be aware of all the techniques you can make use of to maximise and accelerate the deductions you’re entitled to. As well as identifying assets that others may miss, they will make use of tools such as low-value pooling, scrapping and split reports to maximise the deductions you’re legally entitled to and put more money back in your pocket sooner. 5. Can my Accountant organise my depreciation deductions? An Accountant should recommend that you claim depreciation, organise a schedule on your behalf or refer you to a Quantity Surveyor. They will however not be able to estimate construction costs or provide you with a tax depreciation schedule. Only a qualified Quantity Surveyor can do that. Quantity Surveyors are one of the few professionals recognised by the ATO to have the appropriate construction costing skills to estimate building costs for depreciation. However, not all Quantity Surveyors specialise in tax depreciation. Only a tax depreciation specialist such as BMT can be relied on to maintain detailed knowledge of all current ATO tax rulings relating to depreciation. Once you have a Tax Depreciation Schedule completed, your Accountant can input these deductions into your annual income tax return. 6. I’ve only just found out about depreciation. Does this mean I’ve missed out on past years’ deductions? Investment property owners often enquire about a property they have owned and rented for a number of years but have not claimed depreciation deductions for. The ATO allows tax returns to be easily adjusted for two years after the initial submission. This enables property owners to recoup some of the deductions that may have been missed. It is important to note that a separate application will need to be submitted for each financial year requiring an amendment. Income, depreciation and other claims made will impact the outcome of each tax return. In the situation where an investor has missed or not maximised their claim in previous years, the depreciation schedule can be tailored within the eligible years. To start claiming or maximising your depreciation deductions with BMT, request a quote.

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Start claiming depreciation deductions sooner

BMT team — Thu, 04 Apr 2024 00:13:07 +0000

With the end of financial year fast approaching, now is the time to get your tax depreciation schedule sorted if you haven’t already. There are significant advantages to ordering a depreciation schedule immediately after purchase that can help you to maximise your return and make the most of your investment. Before we look at those advantages, let’s recap what depreciation is and how it assists property investors. Contents: Depreciation deductions Claim the cost of your schedule straight away Partial year claims Receive payments regularly using Pay as You Go (PAYG) Claim missed deductions Depreciation deductions The Australian Taxation Office (ATO) allows property owners to claim the depreciation, or decline in value of an asset, as a tax deduction. Depreciation is a non-cash deduction, meaning an investor doesn’t need to spend any money to claim it. For this reason, depreciation deductions are often overlooked. This is a costly mistake for investors, as depreciation deductions carry significant taxation benefits. With tax time approaching, property owners should be sure they are claiming all the deductions to which they are entitled. Owners of income-producing properties can claim depreciation deductions related to the building’s structure as well as the plant and equipment assets within the property. It’s important to organise a depreciation schedule before the end of the financial year to maximise your deductions and claim everything you’re eligible for from the year. Failing to claim depreciation means missing out on thousands of dollars. In FY2022/2023 to-date, BMT found investors an average first year deduction of almost $9,000. Claim the cost of your schedule straight away A depreciation schedule has a one-off cost which lasts the life of the property (forty years) and will ensure the owner claims their depreciation entitlements correctly. The cost of the depreciation schedule is 100 per cent tax deductible. One of the advantages to ordering and paying for a depreciation schedule before 30 June is that an investor will be able to claim the fee straight back that financial year. This not only means less time out of pocket, but it eliminates the risk of forgetting to claim the depreciation schedule’s fee as a tax deduction in the following financial year. Partial year claims If a property has been owned and rented for only a short period, investors often postpone obtaining a tax depreciation schedule until the next year. However, there are ways in which partial year deductions can be maximised, resulting in extra cash for the owner. Usually, the total depreciation available in the first financial year is adjusted according to the portion of the year the property is owned. For example, if a property is owned for six months, then 50 per cent of the depreciation could become available. However, specialist quantity surveyors can use legislative tools to make partial year claims beneficial to property owners, regardless of the time a property is owned and rented. Immediate write-off is one tool used. Any item added to a property costing less than $300 can be immediately written off within the first year. This is regardless of how many days the property is owned in that year. Low-value pooling can also be used to maximise claims over a short period of time. Low-value pooling applies to items in an investment property that are worth less than $1,000. Placing items in a low-value pool allows the owner to accelerate the rate of depreciation, increasing deductions earlier. A high-quality tax depreciation schedule should include a partial year claim based on the time the property is rented. Receive payments regularly using Pay as You Go (PAYG) Investors often look forward to tax time. Many of the losses from holding a property can be claimed back, including interest, rates, repairs and maintenance, property management fees and depreciation deductions. Many investors may not realise that they don’t have to wait all year to benefit from the deductions available to them. Instead, they can improve their cash flow throughout the year simply by nominating to use a Pay as You Go (PAYG) withholding variation. Introduced in July 2000, a PAYG withholding variation allows individuals to vary the amount of tax withheld by their employer in each pay to anticipate their tax liabilities. This means that they can take advantage of the deductions available to them regularly, rather than waiting until the end of a financial year for their tax refund. By selecting a PAYG withholding variation, a property investor’s expected tax refund for the financial year is estimated. This allows their employer to take less tax out of their wages. As can be seen in the example, a PAYG withholding variation will provide added flexibility for a property investor. Having access to the extra money during the year makes it easier to manage cash flow, especially when there can be surprise costs such as urgent repairs or maintenance. The additional income also gives the owner the option to invest the extra money or reduce loan liabilities. It is important to note that submitting a PAYG withholding variation does not replace a normal tax return. A tax return still needs to be filed at the end of the year to calculate the actual amount of tax liability. Claim missed deductions If you have not previously claimed depreciation deductions on your investment property, the ATO allows you to recoup missed payments for past financial years by adjusting your tax return. This is particularly useful for first time investors who were previously unaware of depreciation deductions. It is always advisable to stay on top of your finances by claiming deductions in the applicable year, as delaying your claim will only add extra confusion and stress to your next tax return. Ordering your tax depreciation schedule before 30 June is important if you want to maximise your returns and keep your finances on track. If you have any questions about claiming depreciation, contact the expert team at BMT Tax Depreciation on 1300 728 726 or Request a Quote.

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When will I actually see the benefits of claiming depreciation?

BMT team — Tue, 31 Jul 2018 00:37:41 +0000

Claiming depreciation is key to unlocking your investment property’s cash flow potential and saving thousands of dollars each year. If you have just claimed depreciation for the first time, you will benefit from extra cash flow which could give you the flexibility to diversify your portfolio or pay off any accumulated debts. But perhaps the biggest question on your mind is when will I actually see benefits of claiming depreciation? Put simply, you will begin to see the benefits at the time of your next tax return. On average, most property investors can claim between $5,000 and $10,000 in deductions in the first year alone for a residential investment property. This could mean the ability to turn a negative cash flow investment into a positively geared asset. Your depreciation schedule lasts for the lifetime of the property, which is set at forty years. You will continue to see the benefits of depreciation over the forty years, with deductions saving you money on each tax return. The extra cash can be very useful if your property is in need of a fresh coat of paint or appliance updates. Alternatively, you can opt to use a Pay As You Go withholding variation to see the benefit of deductions regularly, rather than in one lump sum at the end of the financial year. The PAYG system allows investors to take advantage of deductions on a regular basis by estimating your expected tax refund for the financial year and allowing your employer to reduce the amount of tax taken out of your wages. If you would like to access your tax deductions on a regular basis through the PAYG variation, speak to your Accountant. They will provide your estimated financial information to the Australian Taxation Office on your behalf to start the process. For property investors, the tax liability is reduced based upon the anticipated deductions like interest, maintenance, rates, and depreciation on a rental property. After a PAYG variation request has been submitted by your Accountant, your take home pay will increase as your employer reduces the amount of tax withheld. Some investors choose to use the PAYG withholding variation for the flexibility it provides and for access to extra money should unexpected issues with your investment property arise throughout the year. If you are considering whether to wait until next tax time to see the benefit of your depreciation claim or use the PAYG variation, it is important to consult your financial advisor. They will take your individual financial circumstances into account and offer you tailored professional advice.

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New financial year resolutions for 2018

BMT team — Tue, 24 Jul 2018 06:31:17 +0000

The new financial year is a great time to look critically at last year’s investing habits and identify any weak areas that can be improved for a more successful year ahead. The ability to question your investing habits and open yourself up to new ideas is key to strengthening your property portfolio and boosting your investing performance. Alternatively, if you are considering purchasing your first investment property this financial year, it’s important to be prepared with a clear set of goals to work towards. Pay attention to interest rates It is always important to keep your finger on the property pulse and monitor markets across Australia. They are known to move at different times based on key growth drivers such as employment, infrastructure, population growth, housing stock shortages and changing demographics. Aim to continue educating yourself with the use of data, market predictions and the help of expert advice. Remember, however, that the market can change and sometimes be difficult to navigate. Interest rates can unexpectedly rise at any given time and it is important not to over-leverage and put yourself in financial distress. It could be worth checking in with your bank or Broker to see what your borrowing power is and also to make sure you have the best rates on your current loans. You may also wish to get pre-approval organised so that if a must-have property comes available, you are ready to jump on it. Make improvements to your existing investments If you’re not planning on purchasing a new investment property this financial year, perhaps it is a good time to focus on making some improvements to your existing properties. Renovating an investment property can reward investors with increased value, improved rental returns and, of course, additional depreciation deductions. Before you dive into any renovations, it’s important to consider which assets attract the most depreciation deductions when replaced. Individual assets have a unique effective life, on which depreciation rates are based. If you’re considering which assets to add to your investment property, you can use BMT’s depreciation rate finder to weigh up which will give you the most returns. Remember to speak to a specialist Quantity Surveyor before commencing any renovation work as you may be able to claim for any removed and scrapped assets. Consider rentvesting If you’re looking to purchase your first investment property, rentvesting may be a viable option to get your foot in the door. Rentvesting is an increasingly popular way to enter the property market. It involves purchasing an investment property in a strong growth area while living in a rented property. Rentvesting allows investors to benefit from lucrative tax depreciation deductions without having to already own your own home. Get your finances in order Often when things get busy, paying attention to your budget can easily get put aside. If everything seems to be running smoothly, time poor investors often avoid making any changes to the way things are done. However, it is important to do regular checks and look for ways you can improve your situation now to benefit your future. Having regular meetings with your Accountant is one way that you can be sure you are not missing out on any possible return. Don’t be afraid to question your investing habits and involve professionals to assist you to get the most from your property. When it comes to depreciation, ensure you have a comprehensive tax depreciation schedule in place to capture all possible deductions and maximise your return. Contact the expert team at BMT Tax Depreciation to organise a tax depreciation schedule or to update your schedule if you have undertaken renovations.

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Be careful of these depreciation mistakes this tax time

BMT team — Tue, 03 Jul 2018 02:21:39 +0000

Depreciation can be a rather complex area with specific rules, qualifying dates, depreciation rates, methods for claiming and pre-determined effective lives of assets. As such, claiming depreciation deductions can be a confusing task for many property investors. For this reason, it’s imperative that investors get a depreciation specialist to prepare their tax depreciation schedule. This will ensure investors get maximum depreciation deductions and that all claims are legally compliant. The last thing you want is a fine from the ATO for incorrect claims on your tax return. To help property investors ensure their deductions are claimed correctly, here are four common depreciation mistakes to avoid when claiming deductions for an investment property: 1. Not making a partial year claim Rental property owners should only claim deductions for the periods their property is rented out or is genuinely available for rent. Holiday home owners in particular should be aware of this to ensure deductions are claimed correctly. Similarly, if an investor has only owned their property for a few months of that financial year, they can still make a partial year claim for these weeks or months it was income producing. To ensure deductions are correctly claimed for the portion of the year a property is income producing or available for rent, investors should request a tax depreciation schedule. A BMT Tax Depreciation Schedule will outline all qualifying deductions from the date of settlement and include a partial year claim based on the time the property is rented. 2. Claiming capital works and plant and equipment deductions incorrectly Investors who lodge self-assessed deductions often make the mistake of incorrectly allocating plant and equipment assets as capital works deductions and vice versa. This can result in two issues for the investor. Firstly they could over claim, resulting in unwanted attention from the ATO, or secondly they could under claim and miss out on receiving the maximum deductions available. These depreciation mistakes generally occur because investors do not have the knowledge of depreciation legislation necessary to separate items appropriately. Furthermore, it’s because they have not sought adequate advice or requested a tax depreciation schedule. To ensure all deductions are correct and maximised, a specialist Quantity Surveyor will complete a site inspection as part of the process of arranging a depreciation schedule. This inspection allows a depreciation expert to take photographs and note every asset within the property. They will also perform the necessary searches to find any details required to estimate construction costs, including those for any renovations which have taken place, even if completed by a previous owner. A depreciation schedule will outline all deductions available for capital works and separately itemise all deductions for plant and equipment items. 3. Not splitting deductions correctly as co-owners Many co-owners make the mistake of calculating depreciation first and then splitting the deductions based on ownership percentage. However, depreciation legislation allows co-owners to split an asset’s value by ownership percentage first, potentially qualifying them for higher rates of depreciation, meaning more money back in both owners’ pockets sooner. Co-owner investors should request a split depreciation schedule to ensure deductions are outlined based on each owner’s interest in the assets contained within the investment property. 4. Incorrectly claiming repairs, maintenance and capital improvements Expenses for repairs and maintenance are claimed differently to capital improvements. The ATO provides clear definitions of each to help investment property owners to ensure these claims are made correctly. Repairs (work completed to fix damage or deterioration to a property) and maintenance (work completed to prevent deterioration to a property) should be claimed as an immediate deduction in the year an expense occurred. However, any capital improvements (work which improves the condition or value beyond its original state at the time of purchase) must be claimed as a capital works deduction or as plant and equipment depreciation. If you’re preparing your tax return, it’s important to seek advice from an expert. Quantity Surveyors are recognised by the ATO as one of a few professionals with the necessary knowledge to calculate construction costs for depreciation purposes. Alongside your Accountant, they can provide guidance to steer you on the right path to ensure your claim is correct and you receive the best possible deductions. This also means you’ll have the adequate evidence necessary should the ATO question any of your claims.

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Preparing for the end of financial year

Chan Naylor Team — Wed, 08 Jun 2016 04:31:59 +0000

Don’t leave it to the last minute Earnings from investments contribute to the overall income for many Australian households. Since such income is subject to government taxes, it is sensible to structure investments in tax effective manners. Here are some basic ways in which you could reduce your tax liability. Reallocate profits or salary package proceeds into superannuation which reduces your tax liability while planning for a dignified retirement Start a wealth creation portfolio now, using a tax effective investment with a Tax Office Product ruling Revisit your current financial arrangements to bring forward interest Salary package to minimise your overall tax position Case study: John and Karen Both John and Karen decide they each want to put a total of $5,000 away each year towards their retirement. They calculate how much they could save by sacrificing some of their salary into their super account. They also analyse and compare how much they could save by investing outside super. For the purposes of this example, the assumptions are the same for both super and non-super, using an investment return of 7 per cent pa. Summary John earns $75,000 p.a. and pays tax at the marginal rate of 31.5 per cent. After twenty years John’s savings could be: Inside super: $108,123 Outside super: $78,369 That’s a difference of $29,754 if John salary sacrifices into super. Karen earns $95,000p.a. and pays tax at the marginal rate of 41.5 per cent. After twenty years, Karen’s savings could be: Inside super: $108,123 Outside super: $62,484 That’s a difference of $45,639 if Karen salary sacrifices into super. Case study: Matthew Matthew wants to save for a home deposit. Finding a way to make his money work harder now, without restricting his financial freedom and accumulating capital over the medium to long term is his priority. Matthew’s Strategy Adviser recommends that he takes out a margin loan to borrow an additional $40,000, giving him a total of $80,000 in investment capital. That’s considered more than enough to establish a sizeable and well-diversified growth – oriented Australian and global managed fund portfolio. By investing in managed funds, Matthew can combine potential returns with flexibility. Outcomes and benefits: If he needs to access some of his capital in case of an emergency, Matthew can simply sell a portion of his account. Investing via a reputable margin lending provider means that he will have a wide choice of investments to choose from and simple, consolidated reporting. This means he doesn’t have to waste his time doing paperwork, leaving him more time to enjoy the things he loves in life. It is important to remember there are high risks associated with all margin lending facilities such as the potential to lose your entire investment. So, as with Matthew, it is important to speak to a Financial Adviser to determine whether a margin lending facility is appropriate for you. The interest is only deductible to the extent the borrowed funds are used for investment purposes. The potential result: Based on an annual return of 9 per cent, Matthew’s Adviser predicts that at the end of seven years his initial $40,000 investment could be valued at $74,195 (after the loan, tax and interest payments have been paid for). On the other hand, without gearing his account, the amount accumulated at the end of seven years could have been worth $64,166. Matthew’s strategy is also easy and tax effective. Because he is borrowing for investment purposes, he can most likely claim the interest paid on his loan as a tax deduction to offset against his income. If you would like to know more about how Chan & Naylor may be able to help you plan for your future, call on 1300 99 77 34 or email your inquiry to financialoptions@chan-naylor.com.au for a complementary initial consultation. General advice disclaimer The advice provided on this article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. If any products are detailed on this website, you should obtain a product disclosure statement relating to the products and consider its contents before making any decisions. Chan & Naylor Wealth Planning disclaim all and any guarantees, undertakings and warranties, expressed or implied, and shall not be liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or consequential loss or damage) arising out of or in connection with any use or reliance on the information or advice in this article. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied.

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June 2015 end of financial year tax planning and business tips

Chan Naylor Team — Tue, 30 Jun 2015 00:00:24 +0000

We all need to have a closer look at our tax affairs for the end of financial year and start to prepare ourselves for effective planning in the next year. This article is an outline of main points everyone needs to think about to help them with their personal planning now and for the future. Advice for individuals Reasonable work related expenses of up to $300 can be claimed without receipts but notwithstanding, need to be real Bring forward any investment property expenses before the end of the financial year so you can claim them this year Pay any interest on fixed interest loans upfront to give yourself a deduction in this current financial year If your salary next year will decrease then bring forward your deductible expense If your salary is expected to increase next year then try to defer payments until then Be mindful that Capital Gains Tax (CGT) occurs on the contract signature date and not on the settlement date Working from home Producing assessable income at home and using your home as your office may be assessable to claim expenses thereby allowing for a deduction. Look for the following: Any depreciation of office equipment Home office running costs Home office occupancy costs (will impact on main residence tax exemption) Office equipment Office equipment that has shared use between office and non-office must be depreciated in proportion of the business/non-business use. However, if the asset is used exclusively for business, the full deduction available for the item can be claimed If a home business has an aggregated turnover of less than $2 million, an immediate write-off can be applied for assets added after 7:30pm on the 12th of May 2015 as introduced during the May 2015 federal budget Assets installed between the 1st of January 2015 and 7:30pm on the 12th of May 2015 which cost $1,000 or less should be pooled to maximise depreciation deductions. 15% can be claimed in the first year and 30% in the subsequent years. If an asset was purchased between the 31st of December 2013 and the 1st of January 2014, if the asset cost $6,500 or less an instant asset write-off will also apply Home office running costs Running costs (expenses) include, power, gas, phone, cleaning Use a diary (minimum record of four consecutive weeks) to record the amount of time your home office was used and apply the Australian Taxation Office ‘Acceptable Tax Office rates’ at thirty four cents per hour Using your phone for business allows you to claim a deduction for phone rental plus calls, but not installation costs. Again, if the phone is used for a mix of business and personal use then a deduction can be claimed in proportion Home office occupancy costs Home must be a place of business, not a salaried employee working from home. You must have an area that is dedicated to and set aside exclusively for your business and advertise property as such. Make sure that you have adequate insurance in place and review council regulations Expenses may include rent, mortgage interest, land taxes, home insurance premiums and council rates. Again, the same business occupancy percentage can be claimed in relation to the area of your home If claiming occupancy expenses (e.g. mortgage interest depreciation) then you will be expected to account for any capital gain attributable to the business portion of your house when it is time to sell Likewise, the business portion of the home will be subject to CGT although some concessions may apply Small business Claim your deductions. Any expense that your business incurs that is related to making an income can be claimed Don’t forget, small business owners with an aggregated turnover of less than $2 million are eligible for an instant write-off for the purchase of any asset after the 12th of May 2015 up to $20,000 in value Assets installed between the 1st of January 2015 and 7:30pm on the 12th of May 2015 which cost $1,000 or less should be pooled to maximise depreciation deductions. 15% can be claimed in the first year and 30% in the subsequent years. If an asset was purchased between the 31st of December 2013 and the 1st of January 2014, if the asset cost $6,500 or less an instant asset write-off will apply Interest on loans – you can deduct the interest charged on the money that your business borrows including overdrafts and business loans Interest accrued on your business loan but not paid by June 30th can be claimed A business activity funded through any personal loan or credit card of the business owner can also be claimed with the relevant paperwork Look for deduction value in your trading stock by doing a stock take. If your stock value changes by $5,000 you must take this into account when assessing your taxable income for the year. A lower stock value equates to an allowable deduction The different methods available for valuing stock are: – Price you bought it – Current selling value – Replacement value – Stock write down for damaged/obsolete items A deduction can be claimed if your stock values changes less than $5,000 by using one of the above methods Keep records of stock write down reasons Make sure that you do not include GST with the value of your trading stock where you are entitled to a GST credit There are various CGT strategies that can be used: – Crystallise asset losses before 30th June as they may be able to offset any capital gains you make on selling profitable assets. – Delay crystallising any capital gain until the next financial year. Capital gains can be offset against trading losses within the same structure. Note, to assist with your forward planning, the disposal of a CGT asset occurs at the date of your contract Accrued expenses can also be claimed: – Employee end of year bonuses – Director bonuses Identify any bad debts for the year and write […]

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