Accounting & Tax

Property investors – Things to consider when claiming depreciation

Tips to ensure no item is missed and to maximise their depreciation deductions:
1.Take note of the assets included in the above table
2.If you have a depreciation schedule and you own any of these assets, confirm with your Accountant that they are included in your schedule and your depreciation claim. If items have been missed, the Australian Taxation Office will allow you to go back and amend the previous two years of missed deductions
3.If you don’t have a depreciation schedule you should talk to a specialist Quantity Surveyor as soon as possible
4.Ensure your specialist Quantity Surveyor can outline the deductions available for assets which are eligible* to be written off immediately or added to the low-value pool

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