As your Property Manager, it is important that we ensure you are maximising your return on your investment. With tax time just around the corner, we wanted to double check that you are covered when it comes to claiming your second largest deduction (depreciation) via a Tax Depreciation Schedule – which will help reduce your taxable income and allow you to pay less tax.
If you haven’t already done so and your property falls in to any of the 3 triggers mentioned below, it will certainly be of benefit to you to organise a tax depreciation schedule prior to June 30 (if you don’t already have one from previous years). The report is a once off, lasts for 40 years and the fee is 100% tax deductible.
The 3 Triggers are:
1. The property was purchased brand new
2. The property was constructed after the 16th of September 1987
3. The property does not match either trigger 1 or 2, but has had $40,000 or more worth of renovations or improvements completed by you or previous owners (kitchen, bathroom, extensions etc).
You can order your report via this link and receive a reduced fee – SPARK CLIENT FORM
Alternatively, you can contact Anthony Booth from MCG Quantity Surveyors on 0417 408 987 / 1300 795 170 to discuss your property and raise any questions you may have. He will ask a few questions to work out whether or not it will be a feasible exercise before proceeding.