Thank you to Cubecorp for inviting our Principal of Tax Depreciation, Kristian Jeromson, to be on the cover of the investment magazine Sphere. Kristian discussed the importance of Tax Depreciation and how local and international investors can increase cash flow and claim full depreciation of their investment.
What is Depreciation?
Tax Depreciation is a tax deduction claimed for the natural wear and tear of an investment property and its assets over time. A Tax Depreciation Schedule lets you claim that loss as a tax deduction yearly until the cost is entirely written off. Claiming tax depreciation reduces your taxable income, meaning you pay less tax. You can even amend up to two prior tax returns (if you have not claimed in the past) for an immediate refund.
Did you know?
Tax Depreciation is the second biggest tax deduction available on an investment property, after interest, and an unbelievable 80% of investors are not claiming full depreciation on their properties!
How do I claim depreciation?
A Tax Depreciation Schedule (TDS) prepared by a qualified quantity surveyor is the best way to substantiate your claim with the ATO.
With tax time fast approaching, it is critical for local and international investment property owners to seek advice from the experts and start claiming full depreciation on their properties.
