Forum Replies Created
Hi Todd,
Yes depreciation can be claimed as a deduction for positive and negatively geared property. The great thing about depreciation is that you can use the deduction to off set other income such as your salary which will increase your cash return. As a general rule, if you are paying income tax in any given financial year claiming depreciation will reduce the amount of tax you need to pay. Always speak to your accountant regarding your personal situation to determine the best course of action.
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Bradley Beer
BMT Tax Depreciation – Managing Director
Hi Hornbill,
From what you have told me about your property, there will definitely be some great deductions available for depreciation. So as long as your property is producing income and you have some income to offset, these deductions will increase your cash-flow each financial year.
If you want further insight please do not hesitate to ask the question.
Hornbill,
If you are looking to rent the property out. A Tax Depreciation Schedule can certainly add some financial benefit to your Tax Return at the End of the Financial Year.
Regarding your query about whom can help, the ATO considers Quantity Surveyor's as having the skills and knowledge to estimate and assign values to the building and it's fittings and fixtures for depreciation purposes.
Depending on the age of the property and length of ownership, if you rent the property out there may be several thousands of dollars worth of taxable deductions within the property that you are entitled to each year.
