Tax Depreciation - Have you unlocked the hidden cash in your investment property?
You’ve worked hard to buy an investment property but have you made sure that you’re maximising the cash flow your property is producing? The more efficiently you manage your portfolio, the sooner you’ll be buying your next investment.
Did you know that any property built after 18 July 1985 is eligible for depreciation benefits on its historic construction costs?
No matter whether your investment is new or old, it will have depreciable assets that can be claimed such as air-conditioners, whitegoods, floor and window treatments, renovations and furniture, just to mention a few items.
80% of Australian investors do not claim these legitimate taxation benefits which is a bit like not claiming the weekly rent from your investment property. This can equate to thousands of dollars in unclaimed benefits each year.
Claiming depreciation tax benefits can assist your cash flow to pay off your principal place of residence, increase equity in your property portfolio, and increase your cash flow or take home pay. The Australian Tax Office allows you to amend your previous four taxation returns to claim depreciation benefits so if you have been missing out, it’s not too late to do something about it.
The fee for a Depreciation Schedule is fully tax deductible and your First National property manager can point you towards an expert Tax Depreciation specialist. What are you waiting for?