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Have you arranged a tax depreciation schedule for your investment property yet? The end of the financial year will be here before you know it, so speak to a qualified quantity surveyor who can prepare a schedule that will maximize the tax deductions available to you. It make sense to claim the maximum entitlements.
The age of your investment property is not relevant as claims can be made on new and older homes. In fact, older homes are likely to have more items that have worn out with age. There are two areas to consider; capital works and plant & equipment.
A capital works allowance will look at all structural elements of a building, commonly called write-offs. This includes all fixed and irremovable assets. Buildings do wear out over time so you are able to claim a loss. Ask your quantity surveyor if your property qualifies for the allowance, as not all do, and at what percentage level.
Plant & equipment refers to deductions for assets that are removable. For example, blinds and curtains, light fittings, ceiling fans, white goods, smoke alarms, a hot water service and floor coverings. If you are unsure, the ATO has described assets that depreciate at a faster rate than the building. Individual plant & equipment assets are assessed for their effective lifespan based on calculations made according to ATO requirements.
Your deductible expenses may also include the costs of borrowing and associated bank, legal and accounting fees, plus rates, insurance and property management fees. As a qualified Property Manager with 16 years experience, Amal Khodair-Vemana from Amkar Real Estate says she is often asked what an investment property is worth.
“My area of expertise is in property management,” says Amal, “so I can be of best service in the tenanting and management of investment properties. Amkar Real Estate has a small sales team with expertise in the appraisal and sale of property so we are able to provide qualified and personal service for different needs.
Amal Khodair-Vemana has over 16 years experience in Property Management and can help you with all your enquiries. Please contact Amal on 0401 242 352 or e-mail firstname.lastname@example.org
Amkar Real Estate is a member of the Leading Property Managers of Australia.
Leading Property Managers of Australia is a National Management Industry Association that represents the very best in residential property management. Being part of this group means we have agreed to a strict code of conduct and high level of service to qualify for membership, and we receive the best training resources available in Australia. All to ensure your peace of mind that you receive the very best service available.