Tax Time is Approaching

HERE ARE SOME TIPS FOR YOUR INVESTMENT PROPERTY

Under Division 40/42 Plant and Equipment you are able to claim a number of items within a building at an accelerated rate of depreciation that is in excess of the flat rate provided by the Division 43 allowance. Items of a building than can be claimed at accelerated rate include carpet, air conditioning, appliances, curtains, hot water units and a multitude of other items that the tax office considered have a lesser life span than the overall bricks and mortar components of the building.

Plant and Equipment items can be claimed even if the property was constructed prior to 17th July 1985.

The total deductions for a residential property are in the order of $2000 to $8000 per annum. Even if you own an older property, it will still be eligible to claim a worthwhile depreciation.

There are some excellent Tax Depreciation Experts around that appear to charge around $500.00. Call me if you would like their names. Please do not use these tips as "gospel". They are just to give you an idea of what you may be able to claim.

Personal Tax: If you are doing your tax yourself, I find a call to the Taxation Department very helpful, they will guide you through the maze of items, especially those on Child Care Rebates and they are most helpful.

Remember tax is our money and it is our responsibility to claim ever cent that they allow, as they are not going to say "Oh, look here Mr and Mrs so and so, you should have claimed so much more". Good luck with it!