For all income producing properties, the Australian Tax Office (ATO) requires that the owner declares any income received from an investment property on their tax return each financial year. The ATO then allows property owners to claim any expenses incurred through the maintenance of the property including depreciation. This deduction essentially reduces the investment property’s taxable income – you pay less tax.
- Q1 What’s included in a BMT Capital Allowance and Tax Depreciation Schedule?
- Q2 Do I need a new schedule each year?
- Q3 Can I claim previous renovations?
- Q4 I need another copy of my schedule – can you provide this?
- Q5 Doesn’t my Accountant already take care of this for me?
- Q6 How to use a BMT Capital Allowance and Tax Depreciation Schedule
- Q7 What information do I need to provide?
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