As we move to the end of the financial year it’s essential we’re getting the most out of our investments. If you’ve never thought about getting a depreciation schedule before, I have an offer for you that may make you reconsider.
Many people think that depreciation schedules are the home of new investments, with deductible claims being confined to 40 years over the life of the building structure and 15 years on the fittings and fixtures. Current tax legislation also states that any property built before 18th of July 1985 cannot claim the capital works allowance as a deduction.
This is a simplistic view though and professional firms like BMT Quantity Surveyors believe that it’s worth looking at depreciation schedules for buildings even up to 100 years old as the investor may still be eligible to claim a plant and equipment allowance. If you’ve had any renovation or extension work done to the property this will also allow you to claim a capital works allowance.
It’s important to remember that BMT’s qualified Quantity Surveyors personally inspect your property when they put together a depreciation schedule, examining every item for claimable deductions. Not all companies who do tax depreciation schedules come out on site, getting you to mark off the investments fixtures and fittings yourself and send the report in to them.
This can be a burden on your time and can also lead to a number of problems.
Firstly, if you don’t have a professional inspecting the investment themselves you may miss many items you didn’t realize were deductible. For example, did you know that if your investment is in a strata block you may claim for a percentage of the common areas?
Also, if you were to perform the inspection yourself and you make an error that you then proceed to claim a deductions against, a tax audit would see you wearing strong penalties. Having a professional look after the work shifts any liability to the company performing the work.
Given our strong presence with our clients in the investment market, Empire have an arrangement with BMT that allows us to provide a special offer to you if you wanted to get a Depreciation Schedule for yourself.
and send it in to BMT and you’ll be elgible for a $35 discount on the report. Not only that, but BMT GUARANTEE that they will find DOUBLE the fee worth of deductions in the first full financial year or there will be NO CHARGE for their services.
Hurry now before end of financial year takes hold and make your investment work harder for you.