The bottom line is that it is
year projection of all available
what depreciation deductions are
for easy understanding.
always worth enquiring about available.
Even if your property was purchased second-hand after this date, it
is likely there will still be some
deductions available, whether it’s in
the form of capital works deductions, previous renovations or newly
deductions, and a glossary of terms The quantity surveyor should also be able to provide Excel and CSV
schedule files for accountants and owners for easy importing into
compatible accounting software.
*Under new legislation outlined in the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 passed by
Furthermore, if your property is
Parliament on 15th November 2017,
your quantity surveyor should be
a second-hand residential property
report, as this often results in higher
longer be able to claim depreciation
owned by more than one party,
investors who exchange contracts on
able to provide you with a split
after 7:30pm on 9th May 2017 will no
deductions earlier.
on previously used plant and
WHAT’S INCLUDED IN YOUR TAX DEPRECIATION SCHEDULES?
DO YOU OUTSOURCE ANY OF YOUR WORK?
deductions on plant and equipment
Some tax depreciation companies
purchased prior to this date and those
Your tax depreciation schedule
will outsource parts of the process of
who purchase a brand new property
needs to be comprehensive and ATO
preparing a schedule to contractors
will still be able to claim depreciation
compliant. This helps you claim
or external quantity surveyors and
as they were previously. To learn more
maximum deductions and also
site inspectors. While not technically
visit www.bmtqs.com.au/budget-2017
covers you in the event of an audit
incorrect or bad practice, this can
or read BMT’s comprehensive White
from the ATO.
be an inconvenience service wise
Paper document at www.bmtqs.com.
and may lead to a greater chance of
au/2017-budget-whitepaper
are working on the one schedule.
To obtain a free estimate of the
installed plant and equipment assets. Now more than ever it’s important
to maximise the deductions you are legally entitled to.
As an example of what should be
included in a schedule, a BMT Tax Depreciation Schedule contains a one page overview of total
deductions, the prime cost and
equipment assets. Investors can claim assets they purchase and directly
incur the expense for. Investors who
errors occurring, if several parties Please note that BMT do not
outsource any of their operations.
deductions available for any
investment property, contact the expert team at BMT Tax
diminishing value methods for
Depreciation on 1300 728 726.
plant and equipment assets, a forty
ABOUT THE CONTRIBUTOR Article provided by BMT Tax Depreciation. Bradley Beer is the CEO of BMT Tax Depreciation. Please contact 1300 728 726 for an Australia-wide service. https://www.bmtqs.com.au/
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