Have you purchased or already own a property which is second hand or existing? It is a common misconception that existing properties do not yield any worthwhile depreciation. At Duo Tax, we are actively educating investors on the relevant laws and tax deductions available within investment properties and find that the above is not
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
Demolition, removal or clearing of an existing house or office? You’re entitled to claim tax deductions.
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
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
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 Plant and equipment refer to items that are fixtures and fittings, usually known to
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