You may have owned an investment property for some time, but have you made sure that you have maximised the potential of your investment? This means not only achieving a market rent and consistent income flow by securing an excellent tenant but also other factors that you may not have considered.
The sooner you efficiently monitor your investment property, the sooner you’ll be in a position to buy your next investment property. Did you know that any property built after 18 July 1985 is eligible for depreciation benefits on its historic construction costs? No matter whether your investment is new or old, it will have depreciable assets that can be claimed such as air-conditioners, whitegoods, floor and window treatments, renovations and furniture, just to mention a few items.
80% of Australian property investors do not claim these legitimate taxation benefits which is a bit like not claiming the weekly rent from your investment property. This can equate to thousands of dollars in unclaimed benefits each year. Claiming depreciation tax benefits can assist your cash flow to; pay off your principal place of residence; increase equity in your investment property; increase your cash flow or to buy another investment property.
You may not be aware that the Australian Tax Office allows you to amend your previous four taxation returns to claim depreciation benefits so if you have been missing out, it’s not too late to do something about it. The fee for a Depreciation Schedule is fully tax deductible. Simply call our office and we can make the arrangements for the tax depreciation inspection and report to be undertaken.
Building your property investment portfolio can be made easier by claiming legitimate tax deductions that you may be presently missing out on. Please reach out if you would like us to assist with further information or recommendations.