{"id":12884,"date":"2020-08-18T13:33:19","date_gmt":"2020-08-18T03:33:19","guid":{"rendered":"https:\/\/reuncut.com.au\/?p=12884"},"modified":"2022-01-25T12:17:54","modified_gmt":"2022-01-25T01:17:54","slug":"discover-why-its-never-too-late-to-claim-depreciation","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtyuncut\/discover-why-its-never-too-late-to-claim-depreciation\/","title":{"rendered":"Discover why it\u2019s never too late to claim depreciation"},"content":{"rendered":"<p><span style=\"font-family: Century Gothic, serif\">There are many reasons why investors miss out on claiming property depreciation. Sometimes they believe their property is too old, or they don\u2019t think depreciation is available if the property was only leased during part of the year. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">A new trend that BMT Tax Depreciation has uncovered is that investors believe that they can\u2019t claim depreciation if their schedule wasn\u2019t completed before June 30. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">Before we explain why this isn\u2019t the case, let\u2019s cover the basics first. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\"><b>What is property depreciation?<\/b><\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">Property depreciation is the natural wear and tear of a building and its assets over time. Owners of income-producing properties can claim depreciation as a tax deduction each year.<\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">Since depreciation is a tax deduction, a common misconception is that investors can go to their accountant who can automatically calculate their depreciation deductions. However, this isn\u2019t the case and there\u2019s one additional step needed to claim depreciation. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\"><b>What is a tax depreciation schedule? <\/b><\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">A tax depreciation schedule prepared by a specialist quantity surveyor is essential to claiming depreciation. Your schedule is tailored to your property and incorporates every legislative requirement to ensure claims are maximised and compliance is maintained. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">Your accountant will use a schedule to determine your depreciation deductions every year. For residential properties, a schedule lasts forty years. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\"><b>What happens if your tax depreciation schedule is completed after June 30?<\/b><\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">We are all too familiar with the tax time process. As an investor, some of the expenses you\u2019ll find yourself claiming include interest repayments, repair costs and property management fees. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">The common trait all these expenses hold is that you have paid for them during the financial year. This is where the misconception that depreciation can\u2019t be claimed if the schedule was completed after June 30 comes from. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">In reality, if you didn\u2019t get your tax depreciation schedule prepared before June 30, you can still claim for last financial year. This is because your schedule starts from your settlement date, not the schedule completion date. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">This means if your schedule was completed in August 2020, you can still claim depreciation for the 2019-20 financial year. If you have missed out on depreciation for even longer, you can claim back missed dollars by amending previous tax returns with your new schedule. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\"><b>Benefits of getting a tax depreciation schedule completed before June 30<\/b><\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">It\u2019s always recommended to organise a tax depreciation schedule once a property is available to rent. Doing so means you can start claiming depreciation sooner rather than later. <\/span><\/p>\n<p><a name=\"_GoBack\"><\/a> <span style=\"font-family: Century Gothic, serif\">When you organise a tax depreciation schedule before June 30, you can claim the schedule fee straight back that financial year. This is possible because the schedule fee is 100 per cent tax deductible. <\/span><\/p>\n<p><span style=\"font-family: Century Gothic, serif\">To learn more deprecation and how it can increase the cash flow from your investment property, <\/span><span style=\"color: #0563c1\"><u><a href=\"https:\/\/www.bmtqs.com.au\/apply-online?utm_source=real-estate-talk&amp;utm_medium=article&amp;utm_campaign=August&amp;utm_content=never-too-late-to-claim-depreciation\"><span style=\"font-family: Century Gothic, serif\">Request a Quote<\/span><\/a><\/u><\/span><span style=\"font-family: Century Gothic, serif\"> of call BMT Tax Depreciation on 1300 728 726<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are many reasons why investors miss out on claiming property depreciation. Sometimes they believe their property is too old, or they don\u2019t think depreciation is available if the property was only leased during part of the year. A new trend that BMT Tax Depreciation&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":12883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[141,5],"tags":[],"class_list":["post-12884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogs","category-bmt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Discover why it\u2019s never too late to claim depreciation - Realty UNCUT<\/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\/realtyuncut\/discover-why-its-never-too-late-to-claim-depreciation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Discover why it\u2019s never too late to claim depreciation - Realty UNCUT\" \/>\n<meta property=\"og:description\" content=\"There are many reasons why investors miss out on claiming property depreciation. 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