Tax time is rapidly creeping up on us.
So I thought that now would be the perfect time to provide a little tip relating to depreciable items that can be written off immediately – instantly boosting your deductions!
Whilst the majority of items in an investment property depreciate over a longer specified time period, those items that are valued at $300 or less depreciate at 100% and therefore can be written off in their entirety, instantly.
You can claim on these items whether the property has been owned for one day or for 365 days.
The age of the property is not relevant to claiming these items either.
This means that Plant and Equipment items deemed to be valued at $300 or less in investment properties of any age are eligible for depreciation allowances.
A qualified and experienced quantity surveying firm will ensure that these items are identified and included in your schedule, so make sure you don’t miss out on claiming them this financial year!
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Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
Read more Expert Advice articles by Tyron
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
