Sometimes your investment property tax deduction calculator may not display everything that you may claim. A large number of people tend to miss out on the assets that are included in a depreciation schedule. You may seek the help of professionals who have detailed knowledge of ATO property depreciation. When it comes to property depreciation, many investors tend to miss this deduction. You must understand that it may help you save thousands of dollars annually. Sometimes, investors do make claims but they do so by using an incorrect schedule. An expert quantity surveyor will help you to create a robust depreciation schedule.
Given below are five things that your tax depreciation schedule must include:
1. Scrapped items:
When you undertake renovations on your property, you may be left with some items of no use. Several people end up throwing these unused items away without thinking twice it. It is interesting to note that unused and old items have a scrapping or residual value – you will be able to claim a final depreciation sum on any such items that you plan to chuck out. These items are generally left after carrying out renovation works, such as old appliances or carpets, etc.
2. Common indoor equipment:
Individuals claim depreciation on their units’ assets. However, they may lack information about the assets that they share with the rest of the units in the apartment. You will be eligible to claim a deduction for your portion of those as well. A large number of investors miss these deductions every year thus losing savings. Deppro quantity surveyors will help you with these matters and eliminate your doubts. These common items are fire extinguishers, AC units, lifts, etc. You will also be able to claim deductions for ventilation and hot water units.
3. Common outdoor items:
You can also claim depreciation for common outdoor items as well. This may include fences, landscaping equipment like pergolas, pathways, etc. You will also be eligible to claim on a shared swimming pool in your apartment. Please note: it may not include some common outdoor items like plants or turf.
4. Design professionals’ fees:
ATO tax depreciation schedule has mentioned that your depreciation schedule may include fees of design professionals in your tax deductions. You need to ensure that you have provided your Quantity Surveyor with exact receipts for such services. This will help in maximising your claim for the fees you had to pay out of your pocket.
5. Money paid to the council:
You need to pay fees to the council for several services. These costs may include lodging application fees or obtaining council permission. While constructing your own property, you need to invest money into infrastructure, which may include footpaths or gutters. When you prepare the vital depreciation report, make sure to include these items.
You should check your depreciation report and ensure that it includes all the items mentioned above. If you miss any items, you will end up missing out on many ATO tax incentives meant for homeowners. Get effective property valuation and seek the help of experts to create a correct tax depreciation schedule. And, save thousands of Dollars that you have been missing until now every year due to lack of knowledge.