Let me introduce you to our new product, the CGT Saver™ Report - A report specifically created to prevent our clients from paying too much in Capital Gains Tax.
Although you can no-longer claim depreciation on second-hand Plant & Equipment Items (ovens, dishwashers, etc.), with Washington Brown’s CGT Saver™, you can claim the applicable and documented value as a capital loss if you remove or replace any of these in the future.
Similarly, using this report, if you were to sell a second-hand property with those items still in tact, what you would have been able to claim in depreciation in the past, you can now claim as a capital loss which reduces your capital gains tax bill.
This report lists and values all those included items that you have purchased at settlement. It then allows you to claim a capital loss straight away if any of these items are removed.
The best bit...This loss can offset other share and/or property gains that you might make.
This report is exclusive to Washington Brown, so ask for it by name and contact us to find out more.
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.