Calling all investors! Tax Time is on!!!
You don’t want to submit your Tax Return without a Tax Depreciation Schedule for your investment/ rental property, and miss out on thousands of dollars each year for unclaimed and eligible tax depreciation entitlements.
Tax Depreciation and The Federal Budget May 2017 – Treasury Laws Amendment (Housing Tax Integrity) Bill 2017.
YES, and in all instances, there is still good tax depreciation benefits for Property Investors. ALL Property Investors and their Tax Accountants will still need a Tax Depreciation Schedule from a Quantity Surveyor to take advantage and claim their depreciation benefits.These rule changes DOES NOT affect retrospectively any Existing Properties with a Contract Date BEFORE 9th May 2017 (7.30pm), and any Completed Reports with a Contract Date BEFORE the 9th May 2017 (7.30pm) are to be used forthwith in the future as originally completed. Essentially, any EXISTING Properties Purchased with a CONTRACT DATE AFTER the 9th May 2017 (7.30pm) AND/OR LEASED AFTER 30th June 2017, will NOT be eligible for Div 40 Asset Depreciation (Plant), ONLY the Div 43 Building Depreciation (40 Years Capital Works Allowance) for Properties Built POST 15th September 1987 of the Historical Building Cost Analysis LESS the New Effective Life Asset/Plant Values on the Date of Settlement. The Div 40 Asset Depreciation (Plant) is generally only 10-15% of the Historical Building Cost Analysis.
PLEASE ALWAYS CONSULT A QUALIFIED & REGISTERED TAX ACCOUNTANT IN REGARDS TO YOUR ELIGIBILITY in accordance with The Federal Budget May 2017 – Treasury Laws Amendment (Housing Tax Integrity) Act 2017
If you call us now on 0410 358 703, we can have your ATO Compliant Tax Depreciation Schedule completed within 72 hours of receiving your property details & information.
