Missed deductions add up
Our system to maximise your claim
Closed circuit television systems, garden watering systems, intercom systems and solar powered generating system assets are all assets which are often missed by property investors when claiming depreciation.
These and other missed assets such as door closers, freestanding bathroom accessories, garbage bins, shower curtains and smoke alarms are part of a list we have compiled to help investors avoid missed depreciation deductions.
Although many of these items have a low depreciable value, as shown in the following table, the depreciation deductions which can be claimed for these items can add up to thousands of dollars for an investor.
Depreciationdeductions - Year one
|Clocks - electrical||*$20||$20|
|Freestanding bathroom accessories||*$110||$110|
|Garden sheds - freestanding||**$855||$160|
|Closed circuit televisions system||$1,550||$775|
|Garbage disposal units||**$455||$85|
|Garden watering systems||**$558||$105|
|Solar powered generating system assets||$5,500||$550|
|Spa bath pumps||**$425||$80|
|Window shutters - automatic||**$800||$150|
|Key:||Common assets often missed||More obscure assets rarely claimed|
Assumptions and Disclaimer
The depreciation deductions within this table have been based on the diminishing value method of depreciation and are based on a first full financial year claim.
*Assets which have a depreciable value of $300 or less can be written off as an immediate write-off in the first full financial year claim.
** These assets which have a value of $1,000 or less can be added to the low-value pool and depreciated at a rate of 18.75% in the first year.
So here’s our system to help investors ensure no item is missed and to maximise their depreciation deductions:
- Take note of the assets included in the above table
- If you have a depreciation schedule and you own any of these assets, confirm with your Accountant that they are included in your schedule and your depreciation claim. If items have been missed, the Australian Taxation Office will allow you to go back and amend the previous two years of missed deductions
- If you don’t have a depreciation schedule you should talk to a specialist Quantity Surveyor as soon as possible
- Ensure your specialist Quantity Surveyor can outline the deductions available for assets which are eligible to be written off immediately or added to the low-value pool
A specialist Quantity Surveyor will use their expert knowledge of tax legislation to ensure the maximum deductions are claimed for each individual asset.