TAX DEPRECIATION SCHEDULE – SHOULD I HAVE ONE?

July 1 is quickly approaching and while this marks the beginning of Christmas in July season (yay!) it also heralds the dreaded tax deadline.

According to the Australian Valuers website, Kerry Packer is quoted as saying ‘I am minimizing my tax and if anybody in this country doesn’t minimize their tax they want their heads read because as a government I can tell you you’re not spending it that well that we should be donating extra’. A savvy way to minimise your taxable income is through a tax depreciation schedule for your investment properties.

A tax depreciation schedule is a document framed by a qualified property valuer, identifying all of the areas of your property you can claim depreciation. This list includes but is certainly not limited to; the construction of your house, driveways, sheds, timber floors, air-conditioning units and even curtains and ceiling fans.

You may be thinking, this all sounds good – but how does it apply to me? If you have an investment property (or more than one) the small investment of a depreciation schedule will save you thousands of dollars come tax time and this will apply to the entire duration of your ownership of the home.

A tax depreciation schedule is one of the greatest untapped resources to save your money from the tax man, for more information contact the team at Australian Valuers and tell them Matt sent you. As we all know – money saved on tax is more we can spend on our Christmas in July celebrations!

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *