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Your rental property will qualify for certain tax depreciation credits and capital allowances. It’s important that you take advantage of these to maximise the tax credits you may be eligible for. The potential allowance for depreciation and building costs write off will depend on the buildings age, type, use, and construction cost.

With our house and land packages being brand new, we are generally eligible for higher deductions than older properties.

The two main areas where the bulk of our deductions will be derived are:

  • Age of the Building: residential investment property built after 18th July 1985 has an entitlement to claim, over a 25 year period, a Building Write off Allowance of up to 4% per annum of the cost of the building (depending on when it was built).
  • Value of Plant and Equipment: items such as air conditioners, dishwashers, window furnishings, floor coverings, kitchen stoves, hot water systems, garden sheds, etc, may be deemed as eligible property assets for the purposes of tax depreciation. There are different claimable rates and time spans for various items.

A Quantity Surveyor will personally visit your investment property and conduct an audit of all the items that qualify and allocate values to each item. We strongly suggest to team members they use the professional services and expertise of a Quantity Surveyor to prepare a report and depreciation schedule for use by their tax accountant. And of course, seek advise on the subject by your qualified advisers. The above is meant as general info only.

 

Property Friends is a specialist Property Investment Advocacy that has been operating for the last 13 years on the basis of 3 principles: Trust, Community & Progress.  www.propertyfriends.com.au (03) 9758 5331

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Uwe Jacobs Property Strategist

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