Ap­pre­ci­ate depreciation

Mercury (Hobart) - Property - - Front Page -

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.