Purpose of Tax Depreciation Report for Investment Property

This is the first of seven special contributions to our blog from Tracey Lunniss, quantity surveyor, director of TSL Project Services Pty Ltd, our expert advisor on tax depreciation reports for investment property.

"The main purpose of a Tax Depreciation Report is to save you money."

A Tax Depreciation Report should help you to save money, often thousands of dollars, over the life of your property. You will pay less tax as the report takes into account the general wear and tear on your building and its contents. The result? Huge savings for you.

By not having a Tax Depreciation Report, you risk missing out on substantial annual depreciation claims. The result? Huge costings for you – particularly in Capital Gains Tax. Did you know that if you sell your property the ATO can deduct any ‘building write off allowance’ from the cost base of the dwelling that has been or is allowable under Division 43, even if you haven’t claimed it!

If you have any queries regarding tax depreciation reports Tracey will be happy to respond. Her contact details are below.

This report was brought to you by:
Tracey Lunniss, BSc (Hons) (QS), MRICS, AAQIS, Chartered Quantity Surveyor and Associate Director TSL Project Services Pty. Ltd.
National Office: Unit 10 / Knobel Court, Hyperdome Technology Park Commercial Centre,
Shailer Park, QLD, 4128
Tel: 1300 792 360
Web site: www.tslprojectservices.com.au/
Email: tracey@tslprojectservices.com.au

Regards David Maynard
My Tax Zone

Copyright 2014. My Tax Zone.