Monday 24 June 2013

Preparing Tax Depreciation Report as ATO Want You To


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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