We found our clients an average of almost $9,000 in first-year tax deductions for all residential properties in the FY 2018-19. For clients with properties directly affected by the legislation changes, we still found an average of $5,641 in deductions per year.
In one of the most dramatic changes to property depreciation legislation in more than 15 years, the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 was passed through the senate on Wednesday 15th November with the Bill confirmed as legislation.
Although there are new rules affecting second-hand residential properties, the good news is that there are still thousands of dollars to be claimed.
- Capital works deductions for new and second-hand properties, which make up 85 to 90 percent of claims are unaffected regardless of when the property was purchased.
- Those who purchase brand new residential and substantially renovated properties, commercial real estate or add new plant and equipment assets to a second-hand residential property can still claim substantial depreciation deductions.
Find out more about the new depreciation legislation by downloading our white paper here: Essential facts: 2017 Budget changes and property depreciation or visit our blog BMT Insider for the latest information on the budget.
Despite the legislation changes, we are proud to still offer our BMT Fee Guarantee. If we can't obtain atleast double our fee in deductions in the first full financial year then there will be no charge for our services.