Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Articles archive
Quarter 2 April - June 2018
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