Many of Australia’s property investors are still missing out on thousands of dollars in tax deductions each year by failing to maximise or claim depreciation for their rental investments.
While depreciation legislation changes introduced last year have impacted some property investors, it’s important for Accountants and their investor clients’ to be aware there are still thousands of dollars available to be claimed.
In fact, BMT Tax Depreciation is still finding clients an average of $8,893 in legitimate tax deductions during the 2017-2018 financial year for residential properties.
Furthermore, for owners of properties directly affected by the legislation changes
(second-hand residential properties where contacts were exchanged after 7:30 pm on the 9th of May 2017), BMT was able to find an average claim of $5,033 per year for affected properties.
Speaking at the upcoming Chan & Naylor JVP Meeting on 29 -30 November 2018 BMT Chief Executive Officer, Bradley Beer, will discuss the changes to depreciation legislation and who is affected in detail.
Mr Beer will also explain how the rules affect a property which has been renovated by a previous or current owner, what happens to depreciation deductions when a homeowner turns their primary place of residence into an investment property and the implications on Capital Gains Tax (CGT).
To demonstrate the changes, Mr Beer will provide examples of depreciation results found and explain why it’s crucial for Accountants to recommend their clients speak with a Quantity Surveyor to ensure their deductions are correct and maximised.
He will also outline essential tools BMT provide for Accountants such as their comprehensive online portal MyBMT, handy apps and calculators, training sessions and investor nights, educational videos and more.
Learn more by visiting the Accountant’s page on the BMT website or by speaking with their expert staff on 1300 728 726 today.
This article, “Legislation has changed but there’s still thousands to be claimed”, was provided by BMT Tax Depreciation for Chan & Naylor.
Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation.
Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia-wide service.