A General blog by Paul Bennion.
Figures from the Australian Bureau of Statistics have revealed that Australians collectively paid $153.7 billion in income taxes during the 2011-12 financial year.
This is more than 60% higher than the amount of income tax money collected by the Federal Government since 2002/2003.
In addition to income taxes, the ABS figures show that Australians are also paying large amounts of money in property taxes to both State and Local Governments. Last financial year, the money collected in property tax rose to $20.3 billion. Since 2002/2003, taxes collected from property have jumped by over 40%.
To reduce their taxable income, many Australians are now taking advantage of legitimate tax benefits such as depreciation, which flow from investing in property.
Claiming legitimate depreciation allowances identified in a tax depreciation report for an investment property can generate thousands of dollars in potential tax savings each year.
Tax depreciation specialist, DEPPRO, recommends new investors undertake a tax depreciation report as soon as possible after settlement to ensure it complies with ATO guidelines.
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).
Typically, June and July are the busiest months of the year for DEPPRO, with property investors obtaining tax depreciation reports to help reduce their taxable income.
To assist in delivering a prompt service during this busy time, DEPPRO recommends clients order depreciation reports online at www.deppro.com.au.