Finance advice
Paul Bennion

New financial year: do you have all your ducks in a row?

By Paul Bennion

The start of the new financial year is effectively the starting gun for property investors throughout Australia to prepare and submit their tax returns.

Blogger: Paul Bennion, managing director, DEPPRO

It is an unfortunate fact that a large number of tax payers who own investment properties will collectively miss out on millions of dollars in tax depreciation benefits over the coming weeks, simply because they will not fully claim them due to a lack of knowledge.

For individual investors, these tax depreciation benefits can add up to thousands of dollars for just one financial year.

Tax depreciation on a residential property is a deduction against assessable income, allowing the owner to reduce the amount of tax payable.

Investors are able to claim for two distinct types of depreciation on buildings. The first is capital allowance, which is a deduction based on the historical construction costs of the property and may include surveying, engineering, architectural and building fees. The second is plant and equipment, which includes items such as floor coverings, window treatments and fixed equipment such as cookers.

Most investors do not realise that tax benefits obtained through depreciation can be equivalent to 60 per cent of the total purchase price of the property.

For a new apartment in a capital city, for example, this could equate to over $300,000 in tax benefits through depreciation.

You should engage the services of a tax deprecation company, who will undertake an inspection of your property and provide you with an ATO-compliant tax depreciation report that you can give to your accountant. This report is a one-off, and will outline the amount of tax benefits you can claim on an annual basis. Anyone considering employing a tax depreciation company should ensure that it is a member of the Australian Institute of Quantity Surveyors (AIQS).

Typically, a tax depreciation schedule costs around $600. This cost is tax-deductible, and is a small investment considering the large amount of tax depreciation benefits you can obtain, especially if you own a new or nearly new property.

DEPPRO estimates that only one in five residential investors makes use of the tax depreciation entitlements available.

Many investors who have owned their properties for several years and have not undertaken a tax depreciation schedule still have the potential to claim back thousands of dollars in depreciation benefits.

A depreciation schedule can be undertaken at any time by an investor. If you have owned a property for a number of years, you can still undertake a depreciation schedule and put in an adjusted tax return to obtain unclaimed tax depreciation benefits.

So if you are planning to visit your tax accountant in the next few weeks, raise the issue of tax depreciation and obtaining an ATO-compliant tax depreciation schedule for your property.

You should also discuss with your accountant the fact that desktop estimates of potential tax depreciation benefits are not accepted by the ATO – a physical inspection of the property is required.

Obtaining a tax depreciation schedule is a small investment that can deliver a huge financial return and boost cash flow during a time when rents throughout Australia are under downward pressure.

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About the Blogger

Paul Bennion

Paul Bennion

Paul Bennion is the managing director of DEPPRO tax depreciation specialists.
DEPPRO Pty Ltd is Australia’s leading property depreciation company, specialising solely in the preparation of tax depreciation reports for residential, commercial, industrial and leisure investment properties.

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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