The end of financial year is when many people call their accountants, but if you are an investment property owner looking for tax savings there is someone else you should be calling, Seymour Consultants on the Gold Coast.
What is a tax depreciation schedule?
Whilst an investment property is generally considered a solid investment, they do still depreciate; the rendering cracks, the roofing is subject to the harsh Australian weather, and the equipment in the property is also prone to wear and tear. A tax depreciation schedule will help you make savings come tax time.
Seymour Consultants will provide a fully comprehensive tax depreciation report that enables investors to offset their property’s losses against their taxable income, basically meaning you get more money in your back pocket.
This sounds too good to be true…..
Yes, a tax depreciation schedule does sound too good to be true because many people don’t know about them and they lose out on tax savings each year as a result. And yes, our reports are fully in line with all ATO guidelines.
Many people think that tax depreciation schedules are only for new homes, but they are for all homes; please note there are some restriction on homes built prior to 1985.
If this is the first you’re hearing of a tax depreciation schedule the good news is you can claim as far back as the previous two years.
What is included in my tax depreciation schedule?
Seymour Consultants on the Gold Coast are qualified quantity surveyors that will assess the structure of your investment property, we leave no stone unturned.
Our quantity surveyors also look at the plant and equipment, this can include carpets, blinds, ovens etc…..
Can my accountant deal with my tax depreciation schedule?
Many accountants are aware of what a tax depreciation schedule is and how they work, however the ATO stipulates that a tax deprecation schedule needs to be performed by a qualified quantity surveyor. The ATO deems a quantity surveyor as a technically capable person of determining the correct tax depreciation to a structure.
Seymour Consultants on the Gold Coast will assist you in maximising your claim, however we stay within the guidelines as set out by the ATO, so you can rest assured that every claim is legitimate.
What do I do next?
All you need to do is call Seymour Consultants, we service the Gold Coast, Brisbane and surrounding areas. We can advice you on how you can maximise the potential of your investment property. Seymour Consultants respect all social distancing practices and ensure your safety is always front of mind.