A New Townhouse Purchased for $690,000
The Numbers: Mia’s Investment Property
Type of Purchase
Without Depreciation vs With Depreciation Services
The following cost breakdown shows Mia’ cash position with and without depreciation in her first year of owning the property.
According to her Duo Tax depreciation schedule, Mia could claim $15,600 depreciation in her first year.
Mia’s numbers without a depreciation claim
Mia’s numbers with a depreciation claim of $15,600
Without depreciation, Mia would’ve had to have paid $128 out of her own pocket each week. However, by taking advantage of the Australian Tax Office’s tax breaks and making a depreciation claim, Mia reduced that amount to only $17.
This means that Duo Tax was able to save Mia a total of $5,772 in her first year of owning the investment property.
The great thing about her depreciation schedule is that it’s valid for up to 40 years! So, Mia can continue saving money each year, as long as she continues to own the property.
Here’s How Much You Could Be Claiming
However, if you’re still feeling unsure about committing to ordering a depreciation schedule, we have designed a tax depreciation calculator to help you estimate what you could potentially claim on tax depreciation.
This is an accounting tool designed to help estimate and calculate the declining value of capital works and plant and equipment assets and relies on accurate figures to present accurate estimations.