Comments on: What do the proposed changes to depreciation mean for you?

By: BMT Team

BMT Team — Thu, 10 Aug 2017 01:23:47 +0000

Hi Mark,

Thank you for your comment. From the details you have provided, you would likely be able to claim depreciation for the works you have completed to the property yourself. Unfortunately, under new proposed legislation, you will not be able to claim the costs for the ute or travelling to and from the property, given investors can no longer claim for travel expenses for attending their property. Please keep in mind that this is only draft legislation at this point in time. Given this uncertainly, it may be best if you wait to order your schedule until all works have been completed and legislation has been finalised, so you’ll know exactly how any changes will affect the depreciation claim for your property.
One of our team members will be in contact with you shortly to discuss your situation further. In the meantime, if you have any other queries please don’t hesitate to let us know.

Thanks,
BMT Team

By: Mark Nugent

Mark Nugent — Wed, 02 Aug 2017 22:16:52 +0000

I have 2 properties purchased under the old depreciation rules. Your company has done depreciation schedules – thank you. My partner and I have just bought another property (settled on June 29).
It was flood-affected so needed a new kitchen, bathroom and fence. I’ve been doing this work myself and keeping records. As I understand it The complete cost of the work, including tradies is included in “capital works”.
What about transport? I bought a ute specifically for this job and have travelled to the property (400km round trip) six times so far. When I’m finished in a few weeks, I’ll organise a depreciation schedule. Is there anything I need to do because of the new depreciation rules?

Mark

By: BMT Team

BMT Team — Fri, 28 Jul 2017 06:43:04 +0000

Hi Ivo. Thanks for your question. You certainly can claim deductions for the depreciable assets used for the purpose of operating business. If you’d like more information on claiming depreciation for your home office, you can read this blog post from BMT – https://www.bmtqs.com.au/bmt-insider/claim-more-from-your-home-business/ or visit the commercial property page on our website – https://www.bmtqs.com.au/commercial-property-depreciation-schedules. Alternatively, if you’d like to send us an email at socialmedia@bmtqs.com.au with your contact details, one of our team would be happy to get in touch and discuss the deductions you might be entitled to.

Thanks,
BMT Team

By: Ivo

Ivo — Thu, 27 Jul 2017 04:57:53 +0000

Can I claim depreciation for my home office that is used for rental property management. I believe that 12.5% of the my home qualifies for home office.

By: Bron Boulton

Bron Boulton — Thu, 27 Jul 2017 02:54:41 +0000

Please keep the contact Details private:-
I have 3 rental properties and am seriously considering getting rid of my SA rental properties which are for the lower socio economic bracket of tenants as SA government and Federal Governments combined penalties, taxes and lack of tax breaks, are now far out weighing my generosity. SO may be government will have to rethink spending more money on ; public housing options instead of us, landlords providing roves over peoples heads and taking all the risks and making all the repairs to properties. You are biting the hands that feed YOU!!! I think you can expect a big backlash