The Detailed Value on Accounts that Provided

While we're organizing the inspection, professionals will let you know the information we need from you to complete the report. The basic information includes the legal name for the depreciation report to be made out to, whether you have made any additions to the property, the date you moved out if you occupied the property, your settlement date and any other information you may know about the property. We'll help you through the information gathering process and we can often find most of the information on your behalf. You're able to claim deductions on renovations by the previous owner. Ensure you are maximizing the return on your investment and claiming the most deductions to which you are still legally entitled. If the uncertainty of the future around negative gearing still leaves you wondering if a depreciation report will be valuable for your circumstances, just ensure the deductions reported for the 2016 financial year will be enough to offset the cost of the depreciation report.

Often this process includes searching for historical photographs, contacting sales agents and with common property we'll need to source the strata plan and calculate your strata entitlement. If your property is strata titled, you're able to claim deductions over the common property such as lifts, basements, fire services and much more. Once completed, the report will be issued to you as a PDF showing the depreciation deductions each financial year for 40 years. If you're provided your accountants details, we'll also send a copy of the depreciation report directly to them. This ensures they have a copy ready to go when it comes time to preparing your tax return. For a property that is positively geared, claiming for depreciation helps to reduce the profit made on the investment in a year, and to pay less tax. Consider an out of line or distressed sale, and these are common with commercial properties. Or even a house sold to a family member cheaply. Some accountants may argue on this but schedules where the deductions were higher than the purchase price.

The estimated the construction value of the property, and we didn’t care what someone paid for it. If you bought a brand-new shopping center for ten million but it cost eleven million to build then good for you, but your purchase price didn’t change the construction cost. The accountant maybe wasn’t comfortable using just an estimate, but we stand by it and are called upon as expert witnesses in court due to our expertise in this field. You can see the results of those cases as public record. Any change to negative gearing law will not change the ability of these investors to claim for depreciation and to reduce their tax liability. the information we've sourced from our research and the property details and specifications from the inspection and complete the depreciation report ensuring that all items that qualify for a 100% deduction are itemized as well as low cost & low value pooling assets. It's our job to maximize your depreciation deductions and you can rest assured that we're experts at maximizing deductions.