{"id":3351,"date":"2015-01-28T14:44:47","date_gmt":"2015-01-28T03:44:47","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=3351"},"modified":"2015-01-28T14:44:47","modified_gmt":"2015-01-28T03:44:47","slug":"depreciation-for-renovations-made-easy","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/depreciation-for-renovations-made-easy\/","title":{"rendered":"Depreciation for Renovations Made Easy"},"content":{"rendered":"

Investment property owners often miss out on thousands of dollars due to two main reasons:<\/p>\n

    \n
  1. They don\u2019t know what depreciation entitlements they can claim for renovations or refurbishments to their investment property<\/li>\n
  2. They don\u2019t use a qualified Quantity Surveyor to prepare a tax depreciation schedule<\/li>\n<\/ol>\n

    Follow the steps below to ensure your tax depreciation schedule is right the first time around.
    \nUnderstand scrapping<\/b>
    \nScrapping refers to the removal and disposal of any potentially depreciable asset from an investment property. When worn or old assets (like carpet and hot water systems) are replaced and scrapped, the owner of the property may be entitled to claim the remaining depreciable value for the items being removed as a tax deduction in that financial year. <\/b>
    \nGet a \u201cbefore renovation\u201d tax depreciation schedule<\/b>
    \nArranging a tax depreciation schedule before completing renovations will save you time and money when making a claim. In case of an audit by the Australian Taxation Office (ATO), a valuation of all items in a property, as well as adequate photographic records is required.
    \nGet an \u201cafter renovation\u201d tax depreciation schedule<\/b>
    \nA second schedule is prepared after completion of the renovation, identifying the value of all new plant and equipment and capital expenditure within the property. The adjustments will be made to your tax depreciation schedule for a small adjustment fee and should not cost you as much as the initial tax depreciation schedule. The new schedule will outline all the depreciation claims available for the life of the property (forty years).
    \nOnly deal with a credible provider of tax depreciation schedules<\/b>
    \nWith over sixteen years of Quantity Surveying expertise, BMT Tax Depreciation is the leader in providing ATO compliant and comprehensive tax depreciation schedules to property investors Australia-wide.\u00a0 At BMT, our qualified team of Quantity Surveyors meticulously prepare and customise each and every BMT Tax Depreciation Schedule, ensuring you claim everything you are entitled to.
    \nScrapping is a complicated process that requires the expertise of a specialist Quantity Surveyor in conjunction with an Accountant. By requesting a tax depreciation schedule you know you\u2019re not going to miss out on anything and your Accountant will love you for it.
    \nTo find out more about property depreciation, visit the BMT Tax Depreciation property investor page here<\/a> or contact one of our staff for obligation free advice on 1300 728 726.
    \nArticle Provided by BMT Tax Depreciation. <\/b>
    \nBradley Beer (B. Con. Mgt, AAIQS, MRICS) is the Managing Director of BMT <\/b>Tax Depreciation.\u00a0 Please contact 1300 728 726 or visit\u00a0    www.bmtqs.com.au<\/a> for an Australia wide service.<\/b>
    \n <\/p>\n","protected":false},"excerpt":{"rendered":"

    Investment property owners often miss out on thousands of dollars due to two main reasons: They don\u2019t know what depreciation entitlements they can claim for renovations or refurbishments to their investment property They don\u2019t use a qualified Quantity Surveyor to prepare a tax depreciation schedule…<\/p>\n","protected":false},"author":176692471,"featured_media":3352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,25],"tags":[],"class_list":["post-3351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bmt","category-sponsored-channels"],"yoast_head":"\nDepreciation for Renovations Made Easy - 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\/depreciation-for-renovations-made-easy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Depreciation for Renovations Made Easy - 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