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Maximise your SMSF property investment with a tax depreciation schedule

By Opteon

Promoted by Opteon.

If you’re an SMSF manager, and property is part of your investment strategy, you want to do all you can to maximise the investment. Are you aware of the financial gains a tax depreciation schedule can bring?

If you’re managing your own super-fund, and property is part of your investment strategy, you want to ensure you do everything possible to maximise the investment.

Are you aware of the significant financial gains a tax depreciation schedule can produce for you?

Just like any other property investor, SMSF managers who invest in real estate can claim a deduction for the wear and tear on a building’s structure,any structural improvements that you make, and for the depreciation of all plant and equipment items inside and outside the property.

So, what exactly is tax depreciation?

The Australian Tax Office (ATO) allows for the cost of construction and fit out of investment properties to be claimed back over time, against the income earned on a property. No matter the property type, a tax depreciation schedule details the eligible amounts that can be claimed in a tax return. A tax depreciation schedule helps your accountant or tax agent understand the deductions you can claim on your investment property over a 40-year period.

What type of properties are eligible?

There are some limitations for eligibility, set by the ATO. For instance, residential property must have been built after 1985, or have had significant renovations or refurbishment to be eligible for a tax depreciation schedule.

Investors who purchase a new residential,commercial, industrial, or agricultural property can claim depreciation for structural improvements and for plant and equipment.

Investors cannot claim on pre-existing plant and equipment items within existing properties, where the owner has leased the property post 1st of July 2017. Nevertheless, structural improvements can still be claimed, as this forms a majority of the claim, a prepared schedule is still worthwhile.

For all owners of income producing property, it’s worthwhile investigating whether your property qualifies by talking to Opteon, who can provide you with advice for your property.

What does structural improvements and plant & equipment refer to?

These are defined by the ATO and not completely straightforward. Please refer to the table below for list of the kind of items you may be eligible to claim for under theATO classifications:

 STRUCTURAL IMPROVEMENTS

 PLANT AND EQUIPMENT

 The main building

 Window furnishings

 Outbuildings e.g. Garage

 Carpet

 Retaining walls

 Kitchen appliances

 Pools

 Air conditioners and ceiling fans

 Fencing

 Smoke alarms

 Paving and driveways

 Hot water service

 Pergolas

 

 Even the clothesline!

 


What happens when Opteon inspects my SMSF property for a tax depreciation schedule?

On your instructions, one of our property valuation specialists will complete a comprehensive internal and external on-site inspection of the property. Our team then reviews the potential deductions, including the building and structural improvements, extent and quality of the renovations, plant items and eligible common areas to prepare the tax depreciation schedule.

Opteon will then provide you with an ATO compliant report using two calculation methods to ensure you claim maximum benefits. Opteon is a registered tax agent, which is an ATO statutory requirement for providing depreciation schedule services.

What should you do next if you want to fully maximise your SMSF property investment?

You can contact Opteon and our team of tax depreciation experts for more information or request a quote for a tax depreciation schedule for your property.

Please contact us if you would like more information on how we can help you with a property valuation for your SMSF or a tax depreciation schedule. For a free quote please email [email protected] or call 1300 40 50 60. We can’t wait to help you!

 

Disclaimer: Opteon does not provide accounting, specialist tax or financial advice.

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podcast

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  ["title"]=>
  string(72) "Mortgages in a tighter lending economy and why Brisbane is a good option"
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  ["introtext"]=>
  string(255) "

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!

" ["fulltext"]=> string(818) "

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

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

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

    \r\n
  • The pitfalls that he has seen people get into<\/li>\r\n
  • Interest only loans and if that is the way to go<\/li>\r\n
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    Whether it\u2019s building a successful property portfolio or investing in one of their Development Funds, Open Corp can help you through every stage of your investment journey. The team has 40 property specialists who collectively have been involved in over $4 billion worth of property transactions and the acquisition of more than 8000 homes and investment properties.<\/p>\r\n

    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:\u00a0<\/p>\r\n

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    • Why Brisbane is a good investment option right now<\/li>\r\n
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Mortgages in a tighter lending economy and why Brisbane is a good option
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

" ["fulltext"]=> string(2483) "

In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
object(stdClass)#1185 (52) {
  ["id"]=>
  string(5) "18287"
  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
  ["alias"]=>
  string(74) "regional-victoria-showing-up-melbourne-in-price-performance-new-data-finds"
  ["introtext"]=>
  string(139) "

Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

" ["fulltext"]=> string(2323) "

Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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