There are lots of property related tax deductions that all investors claim: council rates, water rates, property management fees, repairs. But depreciation is one that many claims people don’t even know about.
Think of it as compensation for wear and tear. Buildings suffer wear and tear, and so do their contents. If you are renting out a property, you can claim this as a tax deduction.
To claim depreciation, you need a Quantity Surveyor to put together a document called a Depreciation Schedule. It sets out how much you can claim every year as a deduction.
Depending on when your property was built, the Quantity Surveyor will estimate the construction cost at the time it was built and they will put a value on it. You will claim this at 2.5% per year.
You can even claim depreciation on renovations done by a previous owner.
The time has now come to complete your 2017 Income Tax Return. Please ring for an appointment to complete your Tax Returns this year with either Donna, Tynna, or Max.
Taxation Advice It is important that anyone considering an investment proposal seeks our advice with regard to the taxation consequences and options available to minimize taxation. For example, there can be very significant tax advantages available by holding an investment in a Self Managed Super Fund rather than your own name. We provide a full range of taxation services including:
Advice regarding the best tax structure for the formation of new businesses. It is always best to discuss your new business proposal before committing to any new venture.
Company & Family Trust returns.
Formation & administration of Self Managed Super Funds.
Investment property tax advice.
Our mobile lending service offers a wide range of finance options for home & investment loans plus vehicle financing.
Please review the above PDF of our checklist and tax tips, to assist with the preparation of your returns.
Do you own an Investment Property? If the answer is YES, expect some big tax changes with new rules coming into force on 1st July 2017.
If you purchased a property that had installed fridges or dishwashers, you were entitled to claim tax deductions by depreciating them. Owners are now only entitled to claim things they have purchased themselves.
If you have an Interstate or Overseas Investment Property, you are no longer allowed to claim any trips to visit your property against tax.
So if you are planning on visiting your Overseas or Interstate Investment Property soon, we suggest a short trip to inspect it before 30th June 2017.
If you would like to schedule an appointment for Tax Advice regarding your Investment Property, please contact A Grade Tax on (02) 4731 1405.
Whether you are a Business, Superannuation Fund, Trust, Partnership, Sole Trader or just an individual and you have an outstanding ATO debt but are finding it hard to make ends meet, we may be able to assist you with establishing an ATO Payment Plan.
We are happy to help where we can. Contact us on: (02) 4731 1405 to discuss your options.
Did you read the Sunday Telegraph on April 23rd 2017? If you missed it, not to worry, here is an overview of the article on page 8…
Six of Australia’s largest Industry Superannuation Funds have all paid more than $5 Million to unions in the past 10 years.
When you look at the statistics, there are roughly 5 million Australians who have industry Super Funds but only 15% of workers belong to a union. It makes you think about what they are doing with your Superannuation, doesn’t it.
If you have been thinking about making Superannuation Contributions, now is the time to do it!
Take advantage of the current $180,000 after-tax contributions cap and the $540,000 bring-forward cap before 30th June 2017.
From 1st July 2017, the non-concessional Contributions cap will drop dramatically to $100,000 per annum and $300,000 bring-forward cap. That is a dramatic difference to the $540,000 bring-forward cap prior to 30th June 2017. Also note that if your Superannuation balance total is equal to or more than $1.6 million, you will not be able to make non-concessional Contributions from 1st July 2017.
If you would like some assistance from a Tax Professional and would like to organise an appointment for Tax Advice, please contact us on (02) 4731 1405.
Small business taxpayers have access to a range of tax concessions. Some of the recent concessions available are:
•instant write-off for assets costing less than $20,000 each •immediate deduction of professional expenses for small business start-ups •tax discount of 5% up to $1,000 for unincorporated small businesses •1.5% small business company tax cut •no fringe benefits tax for providing multiple electronic devices to employees •no income tax liability for asset roll-overs when a small business is restructured •accelerated depreciation for primary producers.
To qualify for the first six concessions businesses must have a total turnover of less than $2 million for the year they use the concession or the year before that. However, all primary producers can access accelerated depreciation regardless of turnover.
Servicing the following areas: Acacia Gardens, Agnes Banks, Arndell Park, Badgerys Creek, Berkshire Park, Bidwill, Blackett, Blackheath, Blacktown, Blaxland, Bligh Park, Blue Hills, Blue Mountains, Bowen Mountain, Box Hill, Bringelly, Bullaburra, Caddens, Cambridge Gardens, Cambridge Park, Camden, Camden South, Castlereagh, Claremont Meadows, Cobbitty, Colebee, Colyton, Cranebrook, Dean Park, Dharruk, Doonside, East Kurrajong, Eastern Creek, Ebenezer, Emerton, Emu Heights, Emu Plains, Erskine Park, Faulconbridge, Freemans Reach, Glendenning, Glenbrook, Glenmore Park, Glenwood, Glossodia, Greendale, Hassall Grove, Hawkesbury River, Hazelbrook, Hebersham, Hobartville, Horsley Park, Hoxton Park, Huntingwood, Jamisontown, Jordan Springs, Katoomba, Kellyville, Kellyville Ridge, Kemps Creek, Kingswood, Kingswood Park, Kurrajong, Lapstone, Lawson, Leonay, Lethbridge Park, Leura, Linden, Llandilo, Londonderry, Luddenham, McGraths Hill, Marsden Park, Medlow Bath, Minchinburry, Mount Druitt, Mount Riverview, Mount Vernon, Mulgoa, Mulgoa Rise, Narellan, Narellan Vale, North Richmond, North St Marys, Oakhurst, Oran Park, Orchard Hills, Oxley Park, Parklea, Penrith, Pitt Town, Plumpton, Prospect, Quakers Hill, Regentville, Richmond, Riverstone, Rooty Hill, Ropes Crossing, Rouse Hill, Scheyville, Schofields, Shalvey, Shanes Park, Silverdale, South Penrith, South Windsor, Springwood, St Clair, St Marys, Stanhope Gardens, Sun Valley, The Ponds, Thornton, Tregear, Valley Heights, Vineyard, Wallacia, Warragamba, Warrimoo, Waterside, Wentworth Falls, Werrington, Werrington Downs, Western Suburbs, Western Sydney, Wetherill Park, Whalan, Willmot, Windsor, Windsor Downs, Winmalee, Woodcroft, Woodford, Yellow Rock.