It’s Tax Time – Are you paying too much tax?
Have you bought an investment property in the past financial year?
Have you recently refurbished, altered or extended your investment property in the past financial year?
Do you own an investment property but have not claimed depreciation in the past?
If your answer is yes to any of these questions then you may very well be paying too much tax.
Depreciation schedules are a vital part of any property investment, they assist in reducing taxable income and maximising your tax refund.
Property tax allowances (commonly known as depreciation) provide an opportunity for owners of income producing property to reduce their taxable income, thus reducing the tax payable. Napier & Blakeley was the first Australian company to provide specialist property depreciation services with dedicated in-house specialists to identify all available deductions throughout the life cycle of your asset. Continue reading
Taking the ‘Sting out of the Tail’ at Lease Expiry
Disruption, potential unplanned costs and conflict at the end of a lease due to make good obligations can sour what has been a solid commercial relationship between landlord and tenant. This can complicate the tenant’s move or the re-letting of the premises. The pressures of a poorly set up lease in terms of documentation, understanding of the consequences of the relevant clauses from a technical perspective and agreement as to the condition at occupation, or of future alterations, are self evident for both parties.
Properly qualified building consultants should be actively utilised in such processes due to their knowledge and understanding of leasing and legal aspects combined with their expertise in building conditioning and rectification. The proactive stance is to bring all parties together prior to the signing of the lease to agree not only the terms of occupation, lease and physical condition but also to the process at lease expiry.
If this process has not been followed, the building consultant plays a key role in interpreting the relevant lease clauses and evaluating the property’s condition so to effectively define the make good obligations, the cost and the best method of rectification. Continue reading
