For lots of people, the hardest part of investing in property is taking the first step. Starting out as a first time investor involves a steep learning curve, and much of the information you receive will need to be sifted and sorted to allow you to form the strategies you need to help you make the most of your investment.
Many new property investors struggle to find the correct information for complex tax issues that have the potential to save them thousands of dollars. For example, often they are under the impression that depreciation is limited to new properties, with only 20% of investors fully utilising available tax depreciation benefits.
Washington Brown - one of Australia's leading quantity surveying firms - have recently launched a new tax depreciation calculator to help current and potential investors maximise the tax savings on their investment properties.
For example, for a pre-1985 house priced at $400,000 in Sydney, the Washington Brown calculator estimates that you can still claim approximately $4000 in the first year alone - an amount many new investors are not taking advantage of.
If you currently own an investment property, or are looking to purchase in the near future, you can use the calculator to work out your predicted savings. You can find the new tax depreciation calculator alongside informative articles such as The common mistakes made when preparing a depreciation and maximising your depreciation allowances and Avoiding Capital Gains Tax online at www.yourinvestmentpropertymag.com.au.
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