A General blog by Paul Bennion.
The latest ABS figures on Government taxes show that last financial year (2012/2013) Australians collectively paid $159.0 billion in income taxes.
This represents an increase in overall income tax collections of $10 billion compared to the previous financial year.
The figures also show that individual taxpayers are now paying around three times as much tax as that collected through the GST which totalled $50.1 billion last financial year.
These figures are a timely reminder for the millions of Australian taxpayers who will soon visit their tax accountant that income tax as well as other taxes are a major personal financial issue. ‘
Reducing this tax burden can create additional cash flow to create personal wealth.
For example, to reduce their taxable income, more Australians are taking advantage of legitimate tax benefits which flow from investing in property such as depreciation.
This why June and July and the busiest months of the year for DEPPRO as many property investors obtain tax depreciation reports for their investment properties to significantly reduce their taxable income.
Just one tax depreciation report for an investment property can generate thousands of dollars in potential savings in tax each year
Over the coming weeks, a large number of investors will be making decisions to buy investment properties throughout Australia to coincide with this period.
Because June and July is the busiest time of the year for DEPPRO and to assist clients so they have a prompt service even during these busiest months, we have an online ordering system at deppro.com.au.
Clients only have to enter the post code of their property and they will get a quote for the tax depreciation schedule within a few seconds
For the initial cost of the tax depreciation report – which is tax deductible, clients can achieve thousands of dollars in tax benefits each year from their investment by legitimately claiming their full depreciation allowances.
Even an older style home can also qualify for substantial tax depreciation benefits if a depreciation schedule is undertaken around the time of settlement.
To protect their interests and ensure that they select a company that is fully compliant with ATO rulings, property investors should select a company that is a member of The Australian Institute of Quantity Surveyors (AIQS).
DEPPRO is an Associate Member of AIQS and uses systems that are fully compliant with ATO rulings.