Below are answers to some of our most frequently asked and popular questions about Tax Depreciation that we at BMT get every day. If you want to ask us a question, feel free to post on our Facebook page or email us at info@bmtqs.com.au and we’ll do our best to respond with the answer.
What is tax depreciation?
Tax depreciation is the decline in value of a building structure and its fixtures and fittings over time. The Australian Taxation Office (ATO) allows owners of all income producing property to claim these depreciation deductions each financial year as a tax deduction.
Why should I be interested in tax depreciation?
- If you own investment property, then a tax depreciation schedule prepared by a specialist Quantity Surveyor helps you to claim back maximum deductions and increase your cash return.
- If you work with clients who own investment property, then understanding the benefits of a tax depreciation schedule for investors can give you the edge in the competitive marketplace.
What can be claimed?
Property depreciation claims for income producing property are submitted under two separate categories:
- Depreciation for the building structure also known as a capital works deduction (Division 43)
- Depreciation for plant and equipment assets (Division 40)
A BMT Tax Depreciation Schedule is structured to ensure that claims for both areas can be maximised and are correctly attributed. Find out more about what’s included in a BMT Tax Depreciation Schedule by visiting our website today.
I’m a property investor – can I claim?
Absolutely. Every property will attract depreciation deductions, so request a quote today from BMT Tax Depreciation and we can help you estimate your likely deductions and organise your tax depreciation schedule.
How can I help my landlords understand the benefits of a tax depreciation schedule?
We’ve created a great role-play style video to help you answer this question in more detail. It can often seem difficult to start a conversation with your landlords about a tax topic that you’re not the experts in; we’ve simplified the process below helping you to stay one step ahead of your competitors.
When is the best time to claim depreciation?
A tax depreciation schedule can be completed at any time, however to ensure that you’re claiming maximum deductions straight away it’s recommended to organise your schedule once the settlement period has finished.
Why use a specialist Quantity Surveyor to complete my claim?
The ATO states that Quantity Surveyors are one of the only professions recognised to estimate construction costs for depreciation purposes.
Why choose BMT?
BMT Tax Depreciation is Australia’s leading tax depreciation schedule provider.
- We find an average of $5,000- $10,000 in deductions in the first full year
- We guarantee to double our fee worth of deductions in the first full financial year or we don’t charge for our service
- We can help you claim missed deductions for the previous two financial years
- Our fee is 100% tax deductible and can be claimed back in full
- Our schedules last for the lifetime of your property (40 years)
- Our schedules are ATO compliant and help maximise your deductions each financial year
Ok I’m interested – what’s the process?
Great! The process to get started is really simple, either call BMT Tax Depreciation on 1300 728 726 and speak to one of our depreciation specialists. Alternatively request a quote online for a depreciation schedule today.
If you’re interested in organising a quote for your clients, please complete this form with your details and one of our depreciation specialists will contact you.
Once the quote is approved, we will organise an inspection of the property and deliver the comprehensive forty year schedule within five to seven days of all information being gathered.
