Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
Articles archive
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 2 of 2014
Articles
Help investor's to save $82 per week
Postage Stamp Increase
eBay Fees
Federal Budget 2014-15 - Overview
Federal Budget 2014-15 - Overview of main responsibilities
Federal Budget Papers 2014-15
Deadlines for Superannuation Contributions
Three property depreciation tips
Case for corporate trustee strengthens
Superannuation Death Benefits
Credit Card Users - Do you have monthly fees?
Credit Rating
Credit Card Tips
Three property depreciation tips

 

Smart investors claim depreciation.


Here are three tips Accountant’s and Financial Advisors should be aware of to help their investor clients to claim the maximum depreciation deductions available on an investment property this financial year.



 


1.   No property is too old


One common myth is that older properties do not attract depreciation deductions. However depreciation can be claimed on both new and older properties. It is worth making an enquiry for any aged property.


2.   Make sure the investor claims both capital works deductions and plant and equipment depreciation


Property depreciation can be claimed in the form of capital works deductions for the structural element of the building and plant and equipment depreciation for the assets contained within the property.


Plant and equipment assets are items that can be easily removed from the property, as opposed to items that are permanently fixed to the structure. These assets depreciate based on their effective life as set by the Australian Taxation Office.


Capital works deductions apply to the structural element of a building and include items such as bricks, mortar, walls, flooring and wiring. Capital works deductions are based on the historical cost of the building. These deductions can only be claimed on residential buildings in which construction commenced after the 18th of July 1985.


3.  Ensure investors claim depreciation for any renovations


An investor is entitled to claim depreciation for any renovations done to a property, even if they were done by a previous owner, as long as they were completed within the qualifying dates.


Renovations may not always be obvious, for example new plumbing, water proofing, or electrical wiring. A Quantity Surveyor will discover any renovations during a site inspection of the property and calculate the depreciation accordingly.


To ensure your investor clients claim the correct deductions this financial year, encourage them to speak with a specialist Quantity Surveyor. They can arrange a tax depreciation schedule which outlines all of the deductions available for the life of the property (forty years). The cost to arrange the schedule is also 100% tax deductible.
Article Provided by BMT Tax Depreciation.



Bradley Beer
Managing Director
www.bmtqs.com.au


 




19th-May-2014