BUILDING DEPRECIATION REPORTS FOR INVESTMENT PROPERTIES



With June 30 fast approaching, we wanted to make you aware of a little-known tax deduction that Investment Property owners often miss – depreciation of the building.


At Empire Estate Agents our Property Managers believe in maximising the returns our Owners can achieve and to assist them in their investment journey.


Depreciation is the accounting method used for calculating the loss in value of a building over time. It involves assessing how much your investment property depreciates each year and producing a Schedule that enables you to claim the depreciation as a tax deduction each year.


The vast majority of Investment Property Owners are not aware of the tax advantages that claiming depreciation brings, and how it can improve their overall Return on Investment. If you have owned the property for several years, a Tax Depreciation Schedule may even be retrospectively applied, allowing your accountant to amend up to two previous tax returns.


Many investors rely on their Accountant to organise a Tax Depreciation Schedule to be completed for you, however, it’s important to know that the Accountant cannot produce the Depreciation Schedule themselves. The Accountant will need to contact a Quantity Surveying company to complete this for you which may end up costing you more time and money. It is always best to arrange for a Tax Depreciation Schedule to be completed as soon as you purchase your investment property.


Whether you have a small apartment, a large house or even a commercial property, it is always worth checking if a getting Tax Depreciation Schedule done on your property will help to improve the cash flow from your investment.


Not sure or want to know more? Contact your Empire Property Manager to organise a free depreciation estimate for your investment property.


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Disclaimer The information contained on this article is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations there may be delays, omissions or inaccuracies in information contained on this article. Accordingly, the information on this article is provided with the understanding that the author(s) and publisher(s) are not herein engaged in rendering professional advice or services. While every attempt has been made to ensure that the information contained on this article has been obtained from reliable sources, Empire Estate Agents is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on this article is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Empire Estate Agents, employees or agents, be liable to the reader or anyone else for any decision made or action taken in reliance on the information on this article or for a any consequential, special or similar damages, even if advised of the possibility of such damages.


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