Simple and rewarding, but often overlooked
Napier & Blakeley’s Louise Hegarty discovers the best way to get your head out of the sand, and the money into your pocket.
There’s one area even experienced property investors can struggle with – property tax depreciation. According to recent mortgage lending stats, the majority of property investors in Australia under-claim the available depreciation, and many don’t claim at all.
Yet it’s surprisingly simple and lucrative, says Peter Guerra, senior manager of the tax team at the Sydney office of Napier & Blakeley. Like most things, it’s all about the people.
“Finding the right professional sets you up for the life of your investment,” says Peter. “An experienced and registered tax depreciation specialist has the skills to obtain the maximum return while still staying compliant. And most importantly, you can relax knowing it’s all being looked after.” Continue reading
Property Prodigy
At just 22, Simon Hicks bought his first investment property, and his portfolio has grown steadily ever since. Louise Hegarty talks to a young man with a big net worth and an even bigger plan.
“It was an opportunity that just really needed to be jumped on,” says Simon of his first investment property. “It was back in 2009 when the first home buyer’s grants were all in place, and a good property at a good price came up.” Buying off the plan meant Simon received the maximum grants, and maximum tax depreciation benefits for years to come. “There’s all this money if you know where to look,” he says, with a quiet wisdom well beyond his years.
No stranger to the market, Simon works in the property development industry and comes from a family of investors. “My father taught me a lot, he used to explain what he was doing with his portfolio, and I guess I’ve always been interested.” Simon also has the benefit of a degree in Property and Construction from the University of Melbourne, some of which was attained in Sweden. “I’m a bit of a nerd sometimes, I have a definite interest and even check out the ATO website.” Continue reading
