If you’ve replaced or added assets to your investment property, it’s important to upgrade your tax depreciation schedule so you can claim on the new items from the time you install them.
For example, you may have replaced a broken hot water system or installed air conditioning and new blinds in the property. These items all need to be included in your schedule so they can be claimed at tax time.
While other companies charge up to $300 for an updated depreciation schedule, Capital Claims Tax Depreciation offers an update service for free.
If you have the cost of the item, the receipt and the installation date, our quantity surveyors will not need to visit the property and will be able to update your schedule without charge.
You can claim Division 40 items (otherwise known as plant and equipment) such as blinds, curtains and stovetops; as well as Division 43 items (also known as capital works allowance) such as fencing, aluminium window frames and doors.
The property: Three-bedroom brick home with pool and rumpus area.
The story: We completed a tax depreciation schedule for our client in 2014. When he added a fence and a garage door kit late last year, he came to us for a free update.
He added to the home:
The saving: Not only did our client save up to $300 for the update to his schedule, he was then able to claim $8455 of depreciation on the new assets over the life of the property.
To update your tax depreciation schedule at no charge call Capital Claims Tax Depreciation on 1300 922 220, email firstname.lastname@example.org or if you would like more information about tax depreciation visit www.capitalclaims.com.au
Mark is an expert quantity surveyor, business owner, public speaker and property developer. With 20+ years experience in the construction and quantity surveying industry Mark’s specialist expertise have been sought in consultant capacity by professional bodies such as the National Institute of Accountants and the National Tax and Accountants Association, and he has presented at various property and tax seminars and expos nationwide. Mark holds a Bachelor of Construction Management from the University of Newcastle, is an affiliate member of the Australian Institute of Quantity Surveyors and a Registered Tax Agent.View all posts by Mark Wilkins