Expert Advice with Tyron Hyde - 31/07/2017
Property investors should never focus on the potential tax deductions available when assessing properties and making investment decisions.
Now I understand this may sound strange coming from a quantity surveyor whose business involves selling depreciation schedules. However, to score a successful investment property, so many crucial factors need to be assessed.
Consideration should be given to elements such as future infrastructure, potential rental yield, vacancy rates, and how you can improve the property. Once a potential property has been identified based on these criteria, then perhaps look at additional benefits such as depreciation. Think of tax depreciation as the icing on the cake!
Unlike other deductions, where you fork out the cash first and then claim back the deduction, depreciation is in-built in the property at the time of purchase. Claiming this deduction reduces your taxable income and can have a positive impact on increasing your cash flow.
Despite the recent federal budget announcement, many investors are still entitled to claim depreciation. With legislation regarding this area getting more complicated by the minute, you will now need an accredited quantity surveyor more than ever!
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. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator
will give you an estimate of the depreciation deductions you could claim on your investment property
Read more Expert Advice articles by Tyron
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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