It’s a fact of life – buildings depreciate over time. As a result, the Australian Taxation Office (ATO) allow you as a property owner to claim this depreciation as a deduction. This deduction can be claimed by anyone who earns income from the property.
Key facts about depreciation:
- You can adjust your previous year’s tax returns and claim missing deductions from the ATO
- Older properties – as well as newer properties – can have depreciation potential.
- Claiming depreciation on your property means you pay less tax.
Maximising your depreciation schedule will help you to boost your rental profit. To obtain a depreciation schedule, we can help you to hire a quantity surveyor. You should, however, ensure a tax depreciation specialist like BMT Tax is used to prepare your depreciation schedule.