Blog

Tax Return deadline for self-lodgements to the Australian Tax Office (ATO) For your 2018-19 tax returns, it is important to keep in mind the deadlines set by the ATO. Tax returns must be lodged prior to the 31st of October 2019 as any lodgments made after this date may be subject to a ‘failure to […] continue reading

If you are looking to renovate an investment property, you will want to consider getting a scrapping report to immediately deduct assets you plan on demolishing or throwing away. Assets that are to be thrown away or “scrapped” can be claimed for 100% of their current value as a loss and offset your taxable income. […] continue reading

As we're not far out from the End of Financial Year, I would like to remind you to ensure all your documents are prepared prior to lodgement, this also includes the tax depreciation schedule for any properties that you may have recently purchased. Enquiries submitted before 30 June 2019 will allow me to issue tax […] continue reading

When it comes to claiming depreciation on your rental properties, there are two factors that will be accounted for in a report. These are Division 40 (Plant and equipment) and Division 43 (Capital works). Division 40 – Plant and equipment What is Division 40 plant and equipment? Plant and equipment refer to items that are […] continue reading

There are a range of factors that a Quantity Surveyor must consider when calculating how much depreciation needs to be provided for a given property. One of those factors is the property type, especially between apartment units and houses. While there are a variety of similarities in how depreciation is calculated for both houses and […] continue reading

Although depreciation is never the primary reason why you buy property, it certainly has quite a bearing on the cash flow of your property that you cannot overlook. There are many considerations that must be made when you are deciding whether to purchase an existing property or a brand-new property for investment purposes.  As outlined […] continue reading

Along with residential houses, tax depreciation can also be claimed through commercial properties. As a landlord or tenant, you are eligible to claim depreciation on commercial properties. Landlords are given the ability to claim capital works deductions as well as previously installed plant and equipment. Tenants can deduct the plant and equipment that was fitted […] continue reading

As an investor, you may have recently come to terms with depreciation and may have been unaware that you were entitled to claim deductions on your rental property. You may have thought your property was too old when it actually qualifies for depreciation – act now before it's too late! Besides the ATO allowing you […] continue reading

As a result of the recent changes from the Federal Budget 2017, claiming depreciation on renovated properties has vastly changed. Prior to the recent law changes, landlords were entitled to claim depreciation on pre-existing plant and equipment and any renovations that were carried out by the previous owner. As the new legislation has passed, properties […] continue reading

With legislative changes well sunken into the property market, it is important to visit the pattern as an investor moving into future years. Legislative changes imposed on the 9th of May 2017, no longer allows property investors to claim what is known as Division 40 depreciable assets on previously used assets for residential properties. Division […] continue reading