For most property investors one of the biggest tax deductions is depreciation and special building write-offs. The May 2017 budget made some changes that affect investors purchasing 2nd hand properties after 7.30pm 9/5/17.
Below is a good video from BMT discussing some of the changes –
BMT Parliament Passes Changes to Depreciation Legislation
Most of our existing clients use either BMT or Washington Brown for their Quantity Surveyor reports to get detailed reports spanning up to 40 years. Their usual costs at the time of writing (before any discounting) is around $770.
Please make sure you advise them that you are a client of All Accounting & Taxation Services and the relevant office (Erina or Woy Woy) so we can get a full detailed electronic copy of your report that can be imported into our tax software. This will allow our office to easily write-off used assets (if sold, replaced or scrapped) in future income tax returns, maximising your tax deductions and minimising manual work and costs to you.
If using BMT – We can also link your depreciation report to our office MyBMT account so we can access it again in the future (if needed).
If using Washington Brown we may be able to negotiate a lower fee to you of $660 (saving you $110 from the usual $770 rrp) including any possible small referral fees.
For more information please do not hesitate to call either Marc O’Keeffe or Con Tsambos at our Erina office on 02 4365 4991 or our Woy Woy office on 02 4341 6919.
Quantity Surveyor Websites include:
Washington Brown – https://www.washingtonbrown.com.au/