Most rental property owners
forget that while assessing taxes to be paid for their property, they
are also eligible for certain deductions for investment property
depreciation. This unfortunate event is generally caused due to
unawareness about the available tax deductions they could actually
take advantage of. This is a little known fact that investment/rental
properties are such real estate investments that are rewarded with
many tax benefits in the form of rental property depreciation.
This tax depreciation on rentalproperty for landlords and owners of rental properties is
calculated on the basis of the expenses made for the management,
improvement, and/or conservation of the property. Just like any other
business owner claim for his respective business, property owners
should remember that they can also treat their properties as
commodities that offer services to the customers that are tenants in
this case.
Rental property depreciation is
basically a tax deduction. It allows the tax payers i.e., rental
property owners to recover the cost of a property placed on rent.
Depreciation has to be calculated for both tax and accounting
purposes. Tax depreciation on rental property is based on a
set of rules defined by the Australian Taxation
Office (ATO).
The ATO has also enforced that only a
designated quantity surveyor should prepare a tax
depreciation report. This is fairly important
because there are various factors to be considered before preparing a
property tax depreciation report. Quantity surveyor have
ample knowledge and experience. This aids them to carefully
analyze your investment property for depreciation and
prepare a comprehensive tax depreciation report.
If you are looking for a quantity
surveyor to prepare a tax depreciation report for
you, Property Returns is the best for you!!!
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