{"id":12913,"date":"2017-07-31T03:00:50","date_gmt":"2017-07-30T17:00:50","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12913"},"modified":"2017-07-31T03:00:50","modified_gmt":"2017-07-30T17:00:50","slug":"garden-gnomes-are-worth-their-weight-in-deductions-brad-beer","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/garden-gnomes-are-worth-their-weight-in-deductions-brad-beer\/","title":{"rendered":"Garden Gnomes are worth their weight in deductions – Brad Beer"},"content":{"rendered":"

Did you know that the little guys in the garden can be earning you some money at tax time? \u00a0We discover what else \u2013 apart from garden gnomes, you can claim as a depreciable item at tax time.\u00a0 Brad Beer<\/strong> joins us to discuss that.
\nTranscript: <\/b>
\nKevin:<\/b>\u00a0 I\u2019ve often wondered with depreciation schedules, what items are commonly missed? Are there any? I thought we might just give you a bit of a reminder now. Brad Beer joins me from BMT Tax Depreciation.
\nGood day, Brad.
\nBrad:<\/b>\u00a0 Hi, Kevin. How are you today?
\nKevin:\u00a0\u00a0<\/b>Good, mate. You heard that introduction. I\u2019m just interested to know if there are any items that are maybe commonly missed when people are claiming depreciation that you\u2019ve noticed, Brad.
\nBrad:<\/b>\u00a0 We\u2019ll talk about some of those items, but the biggest thing is making sure that everything gets looked after and done properly. When we do these things, we go to site to identify things and make sure we maximize those deductions.
\nI guess some of the things that are missed are things like garbage bins, sometimes exhaust fans. Free-standing garden shreds are an item that you claim as plant and equipment that are often missed, and things like in pools and spas, the pumps and things. Unusual things like garden gnomes are depreciable or other unusual garden statues.
\nKevin:<\/b>\u00a0 Really?
\nBrad:<\/b>\u00a0 Yes.
\nKevin:<\/b>\u00a0 Garden gnomes. Is that right?
\nBrad:\u00a0<\/b>\u00a0They\u2019re a loose item, and if they\u2019re just sitting there as an item of what\u2019s seen as plant that\u2019s helping to produce income because this person rented your property because it has really nice garden gnomes in the yard, then it\u2019s seen as a plant and equipment item and it\u2019s claimable.
\nKevin:<\/b>\u00a0 It\u2019s probably fair to say that in most cases, if you were to do a proper site inspection, you\u2019d always find something that was missed, Brad. Is that a fair comment?
\nBrad:\u00a0\u00a0<\/b>We always suggest a site inspection of the property, and it\u2019s not just about missing items, but that\u2019s one of the benefits of making sure it is done properly. Making sure that we identify everything that\u2019s on site that we can claim as quickly as possible. Making sure that they\u2019re legitimate things that we do claim is important because they all add up. Some of those things aren\u2019t worth heaps of money, but a couple of hundred dollars here, a couple of hundred dollars here all add up to more deductions in those early years.
\nAt that site inspection, also it\u2019s important to make sure when we are estimating that construction cost of the building, even if we do have the plans, we get to really have a good look at the type of construction that\u2019s there. If there\u2019s anything special about it in any way, it\u2019s a good opportunity to pick that up.
\nIf there\u2019s been any renovations done to the property, especially if they\u2019re done by a\u2026 Because if you did renovations, you\u2019d remember what you did and say, \u201cI put in a new kitchen and bathroom.\u201d But someone else may have put a new kitchen in there ten years ago, and when go to site, we\u2019ll identify that that\u2019s the case. We look at that kitchen and go \u201cThat\u2019s not a 30-year-old kitchen; it\u2019s a 10-year-old kitchen.\u201d It just means that more things get picked up that are claimable.
\nAnd it\u2019s not only those plant and equipment items, but it\u2019s everything within that property. When you go through trained with an eye to look for the right things and be thorough, you end up finding more things and therefore that results in higher deductions and obviously, therefore, better cash flow for the property owner.
\nKevin:<\/b>\u00a0 Yes. Good property investors are constantly tweaking their properties to make sure they\u2019re getting maximum return out of them. How often should they have a site inspection? In other words, there might be other things that we just forget to tell our accountant about. How often should we get you back to review the depreciation schedule?
\nBrad:<\/b>\u00a0 Once we do it once for you, other work that you do, you just need to make sure to keep those receipts and update in the future. We don\u2019t normally need to come back unless you do a major renovation and we need to split up those items between that building and plant and equipment.
\nWe launched a portal to manage your depreciation called MyBMT only just in the last couple of months. Now, as you do something, if we\u2019ve already done that depreciation schedule, you can add these items and adjust it and write these things off. It\u2019s a very simple process. Either you can actually put the information yourself or we can have a look at it and put some cost expertise, or if there\u2019s enough work, we can organize that inspection to have it looked at again.
\nKevin:<\/b>\u00a0 That schedule you mentioned there on your website, anyone who\u2019s had a depreciation schedule done by BMT Tax Depreciation, will they automatically be there or do we have to do something to get on there, Brad?
\nBrad:\u00a0<\/b>\u00a0MyBMT is something that has a login that you\u2019d need to join. Whenever someone buys a depreciation schedule from us now, obviously, we offer a login to that, and they get to see transparency through the process of what\u2019s happening with that depreciation schedule, firstly.
\nThey can invite their accountant in, so their accountant can see that. The accountant can see all the schedules of all their clients in the same place under their login. Then in the future, as you update things, it updates that depreciation schedule for those future years.
\nYou can look at whichever year you want to, one year at a time. Very much a simplistic tool where you\u2019ll never need to go looking for a file. If you have a whole lot of properties or the accountant has lots of properties with lots of clients, they\u2019ll be able to log in and as long as the client said, \u201cYes, you can see it,\u201d Then they can get transparency and updated numbers each year, which has been a dream for a long time.
\nIt\u2019s what we call a live depreciation schedule, and this is the result of lots of IT time put into what is really a live document going forward as opposed to one document that as you change things, does change.
\nKevin:<\/b>\u00a0 BMT Tax Depreciation. There\u2019s a button on the homepage at Real Estate Talk and also the BMT channel as well. Lots of great content there. I can just see all those people now with garden gnomes racing out to get that organized, Brad. Good on you, mate.
\nBrad:<\/b>\u00a0 Absolutely. Thanks, Kevin. Great to be here.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Did you know that the little guys in the garden can be earning you some money at tax time? \u00a0We discover what else \u2013 apart from garden gnomes, you can claim as a depreciable item at tax time.\u00a0 Brad Beer joins us to discuss that….<\/p>\n","protected":false},"author":176692471,"featured_media":14897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,34,10,11,13,36,22,25],"tags":[101],"class_list":["post-12913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bmt","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nGarden Gnomes are worth their weight in deductions - Brad Beer - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/garden-gnomes-are-worth-their-weight-in-deductions-brad-beer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Garden Gnomes are worth their weight in deductions - Brad Beer - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Did you know that the little guys in the garden can be earning you some money at tax time? 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