Muscle up and wrestle your tax back…
It’s here again, the end of the financial year, a time for collating all of the financial happenings over the past 12 months and thinking about new beginnings from 1st July. Or as is the case for many in the property industry, preparing accounts and reports for share holders, as it is just the beginning of the reporting period.
Napier & Blakeley are the original experts in property depreciation deductions – we will make sure that you do muscle up and receive the maximum benefits available to you through depreciation and capital allowances. Our experience is second to none in the market place and our track record speaks for itself. So let us wrestle on your behalf.
It’s at this time every year that we provide an update of the legislative goings on in the accounting area of property depreciation and over the past 12 months there have been a few. Continue reading
What you need to know at tax time
If during the current financial year you owned an investment property and earned an assessable income from it then you are entitled to tax deductions for wear and tear or depreciation as it is more commonly known.
Over the last 22 years Napier & Blakeley has analysed many thousands of properties, preparing depreciation schedules for owners of virtually every type of property ranging in value from a few hundred thousand dollars to in excess of one billion dollars in value.
There are well in excess of one million property investors within Australia and we suspect that the majority of property owners in Australia do not fully maximise the deductions which can significantly affect and increase their after tax yields.
In a recent analysis of a five year old commercial office building with a purchase price of $5m, a land value of $1m and an income of $500,000 we found the following.
