WITHTAX time less than two months away, nowis the time to start thinking about everything you’re entitled to from the taxman.
‘‘Many investors totally underestimate the number of items that can be depreciated for tax purposes and a comprehensive list can even include garden gnomes, cubby houses and if youownan apartment, common areas such as car parking and recreational facilities,’’ says Paul Bennion, managing director of tax depreciation specialist DEPPRO.
Bennion’s business meets a growing demand from real estate investors to maximise their tax refunds.
Quantity surveyors visit your property then send you a depreciation report listing everything you can claim in the current year and future years. This typically costs about $500-$600 per property, but it’s pretty muchcertain that you’ll getmuchmore than that back in your tax return.
Bennion says investors should check the company they use is a member of The Australian Institute of Quantity Surveyors. You can try to do it yourself but the experts make it simple. Just Google ‘‘tax depreciation schedule’’ and you’ll get a list of national operators.