How to get maximum tax deductions on your investment properties
Less than one-third of property investors are getting the maximum tax benefits available to them and contrary to popular belief, negative gearing is not the only way to obtain tax gains.
In many cases, investors in commercial, industrial and retail property are not aware of how to go about obtaining the necessary supporting documentation which would enable them to make a successful claim.
OPTEON Depreciation Schedules in Adelaide has been set up as a separate entity, is fully owned by CWM Market Line, and specialises in capital allowance (depreciation) schedules which clients and their accountants can use to successfully claim maximum deductions on investment properties.
Here are some of the facts on depreciation:
- Most properties constructed after 17 July 1985 (residential) and 20 July 1982 (non-residential) are eligible for the construction write-off allowance from the ATO.
- Any building, regardless of its age, will attract depreciation and a building write-off allowance if refurbishment works have been undertaken since 17 July 1985 (residential) and 20 July 1982 (non-residential).
- Any external works, including fencing, paving, pergolas, garden sheds etc. constructed after February 1992 will attract the building write-off allowance.
- There is allowance in the legislation for assessing past missed depreciation for a period of up to 4 years.
- The detailed report we provide includes a schedule which covers up to 40 years of deductions.
- Allowances per annum range between 2.5% and 4% of total construction costs.
- The plant and equipment in an investment property is separately assessed and may be eligible for higher depreciation rates.
To find out if you or your clients are getting the maximum deductions on residential, commercial, industrial or retail investment properties, or to get the process started, call Vanessa Natale on (08) 8211 9966, or Mobile: 0419 350 166. Vanessa Natale is Business Development Manager of OPTEON Depreciation Schedules in South Australia.
