Looking to claim? For property owners, depreciation is the gift that keeps on giving and another reason to talk with the professionals at Jim’s Building Inspections. To wit, investors deduct the amount of income-producing assets in decline over the financial year.
Naturally, expertise is recommended because estimating declines is complicated. As one Domain article highlights: Many property owners aren’t taking advantage of depreciation opportunities. Or as one tax depreciation expert put it: “Depreciation is not claimed correctly by 70 or 80 per cent of investors, so they’re leaving money on the table.”
Often, investors aren’t aware of depreciation or assume that their accountant is taking care of it. That’s a mistake. But it’s also a mistake to think that some past financial mistakes can’t be undone. For starters, an investor who hasn’t been properly claiming depreciation can amend up to two years of tax returns.
Image Source: https://www.domain.com.au/advice/eofy-seven-ways-to-slash-your-property-tax-bill-before-the-end-of-financial-year-20180617-h11a8v-440267/