Have You Got Your Tax Figures Into Your Accountant?
If you are not using the Tax Variation system for your tax return, there is a chance that after the extremes of the last financial year, you could end up with a healthy tax return.
If that is the case then it could put you in a very good position to purchase again very soon.
Consider this option as you are getting all your figures together.
Don’t forget to get that Depreciation Schedule done by your Quantity Surveyor at a cost of $540, so that you can get the full benefit of depreciation. Also remember that you can back date your tax depreciation schedule.
For your fee, you receive a bound report of approximately 16 pages, containing:
- Photographs of Building and Plant
- Sketch plans drawn on AutoCAD where required
- All historical research required
- Both Prime Cost & Diminishing Values used (your accountant will tell you which to use)
- Breakdown of plant & articles
- Backdated reports to date of purchase (although you can only claim previous 4 years)
- Schedules for depreciation allowances for the next 40 years.
Your savings can amount to tens or even hundreds of thousands of dollars over the life of the property, and as our fee is itself a tax deduction, you owe it to yourself to visit your local Quantity Surveyor to book your site survey and report.
Amazingly, only 1 in 3 investors have a Depreciation Schedule done.
That means there are thousands of dollars not being claimed by property investors. That in turn means they have less money to manage their properties or to put back into the investment market.
Filed Under: Tax Tips
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