80% of Property Owners are Missing Out

By the resi financial blog team, 02 December 2014

80% of Property Owners are Missing Out

Any owner of a property which generates an income is eligible to receive significant taxation benefits. 

“Research shows that 80% of property investors are failing to maximise the deductions claimed from property depreciation and are therefore missing out on thousands of dollars in their pockets,” said Managing Director of BMT Tax Depreciation Bradley Beer. 

“Depreciation is often missed because it is a non-cash deduction – the investor does not need to spend money to claim it,” said Brad.

As a building gets older, items wear out – they depreciate. The Australian Taxation Office (ATO) allows property owners to claim this depreciation as a deduction. Depreciation can be claimed by any property owner who obtains income from their property.

New and old properties have the potential to attract some depreciation benefits for the owner to claim as a tax deduction. The widely spread idea that older properties will attract no claim is largely untrue; it is worth having an expert look into any scenario.

Ensuring that the depreciation claim is maximised on any building requires a combination of construction costing skills and a thorough knowledge of tax legislation. This rare combination of skills has resulted in a limited number of Quantity Surveying firms specialising in property depreciation. 

Consult the expertise of a qualified Quantity Surveyor such as BMT Tax Depreciation to maximise depreciation deductions for an investment property. Visit BMT Tax Depreciation at www.bmtqs.com.au to learn more about how property depreciation can help you see greater returns on your investment property.

Article provided by BMT Tax Depreciation. 

Bradley Beer (B. Con. Mgt, AAIQS, MRICS) is the Managing Director of BMT Tax Depreciation.

Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia-wide service.

 

Categories: ;, maximise tax return, property depreciation, property investment, tax deductions