At Washington Brown we are in the business of saving you money on your property investments. We don’t just crunch numbers, in fact, we thrive on the challenge of saving our clients as much money as legally possible! We have honed our money saving skills after 30 years in the industry and know where to look to get you the best returns.
At this time of year, you’re probably looking at your credit card balance and wondering just how much money you have to spend on your family and friends for Christmas gifts. The last thing you are probably thinking about is property depreciation. If you have an investment property, you need to listen up as you could be missing out on thousands of dollars that will go a long way this Christmas.
If you’ve never claimed property depreciation, Tyron Hyde, CEO of Washington Brown explains, “Depreciation allows you to claim the wear and tear on an investment property over time. This depreciation basically reduces your taxable income.” So the more depreciation you claim, the less you pay in tax and the more money you have for Christmas shopping! You could be missing out on up to $15,000.
Tyrone Shum, a digital marketing manager at Brickworks paid a few hundred dollars for his property depreciation schedule recently and was very pleased he did, “I was able to get back $5372. I didn’t even know it was possible to claim depreciation when I bought my property until I had a chat with Washington Brown. I was quite surprised. I wish I had spoken to them earlier as I would have structured my mortgage differently and certainly invested earlier too,” says Mr. Shum.
So how does it work?
Just like you claim wear and tear on a car you use for work, you can also claim depreciation of your investment property over time against your taxable income and it doesn’t need to be a new property either. Older properties also depreciate.
There are two types of allowances available: depreciation on plant and equipment and depreciation on building allowance. Plant and equipment refers to items within the building like ovens, dishwashers, carpet, blinds and the like. Building allowance refers to construction costs of the building itself, such as concrete and brickwork. Both these costs can be offset against your assessable income.
Come the New Year, when your credit card statements start arriving and demanding to be paid, you’ll be glad you thought about your property investment’s depreciation. At Washington Brown we guarantee to save you more than the cost of the report so you have nothing to lose and only Christmas cash to gain!
Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. He would be happy to help Santa top up those Christmas stockings this silly season so check out the following tools to see what you might be able to claim.
The Washington Brown depreciation calculator will give you an estimate of the depreciation deductions you could claim on your investment property
Free Depreciation Calculator
If you would like a free Depreciation quote here:
Get a Free Quote Here
When you order your depreciation schedule you will also receive and exclusive Property Pack with suburb price data, a book, Claim It!, the first guide to property depreciation and a six-month subscription to Your Investment Property, Smart Property Investor or Money magazine valued at $985. Now’s a good time to get depreciation organised so get in touch.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
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