Any owner of a property that generates an income is eligible to receive significant taxation benefits.
“Research shows that 80 per cent 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 Bradley Beer, the Chief Executive Officer of BMT Tax Depreciation.
“Depreciation is often missed because it is a non-cash deduction – the investor does not need to spend money to claim it,” said Mr Beer.
As a building gets older, items wear out – they depreciate. The Australian Taxation Office 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.
