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Depreciation

What is rental, investment and commercial property depreciation?

As the owner of any investment property you’re entitled to claim depreciation on your building and its fixtures and fittings. Claiming depreciation is a significant taxation benefit, and one which many investors are unaware of. Depreciation is a non-cash deduction – you do not need to spend any money to claim it.

What is depreciation?

As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a rental & investment property depreciation deduction related to the building and plant and equipment items contained within it. There are more than 1500 items identified by the ATO as depreciable assets.

In order to claim these depreciation deductions, investors are encouraged to enlist a specialist quantity surveyor to complete a comprehensive, personalised tax depreciation schedule. A depreciation schedule outlines the deductions available on a specific property for the life of the property and is used by the property investor’s accountant when preparing a tax return.

Source: BMT Quantity Surveyors

For more information, please click on the links below.

BMT Quantity Surveyors

ATO Tax Guide

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