Hi everyone,
I've recently built an investment property, a 3 bedroom house in Melbourne. My accountant advised me to do a depreciation schedule for this property to maximise deductions / possible tax returns.
I'm new to this, so wanted an opinion on if it's worth doing one? Can't my accountant list appropriate deduction / depreciations items anyway?
Thanks,
Can't recommend BMTQS enough. They did my report and save me so much money each year plus unlimited amendments as you make purchases over the threshold.
If its a brand new build go back to the builder. Ive built for investment and the builder has provided a costing report for depreciable items, it should cost you $0
As a builder, we refer them to BMTQS. We aren't going to give up our cost breakdown.
Depends. If it's investment the developers have often provided us depreciation and qs reports, especially for apartments/townhouses and the mass development turn key homes we've looked at.
You probably don't want the cost breakdown from a builder direct as they won't want to give away their margins and QS reports include items / things that weren't provided by the builder so you could be missing out on more deductions if legit.
I get most of the money from the depreciation schedule now that capital growth has cooled and rents are down.
So definitely do it. It needs to be done by a professional or ATO will be all suspicious about it.
I get most of the money from the depreciation schedule
Don't count on this over the long term:
It will run out.
It reduces your cost base and increases your CG when you sell (albeit at 1/2 your MTR if you hold it over 12 months).
The increase to your capital gains in the future when you sell is a point that i find most people over look or the person recommending the depreciation schedule does not adequate explain to the property owner.
Definitely worth it. Spending a small amount of money will justify you claiming thousands in deductions each year.
This is a sham and has to STOP.
This is why we are in the SHIT we are as a Country.
hallelujah!
long life hong kong
Wanna 69?
One of many reasons. The Gov just loves sticking it's nose into anything.
The concept of depreciation…? Unless you want people to be able to claim the expense as a lump sum lol.
Exactly right. Uneducated comments driven by the fear mongering media never fail to surprise me.
Absolutely.
A few recommendations for BMTQS here. Does anyone know how they compare with Washington Brown?
Yes it is worth doing for a new property. There are companies that specialise in finding every single item you can depreciate and guarantee that this will offset the cost of using their service. This is one of those companies:
https://www.bmtqs.com.au/apply-online?utm_source=google&utm_…