We have several clients who are now reviewing their ACC on their sites and discussing with their fire engineer a solution to rectify their property and make safe moving forward.

The ATO have clearly said these costs will be a capital improvement for the purpose of Division 43 of the ITAA 1997 (refer to the link further below).

In financial modelling, this means, if the new cladding installed cost $1m, you can depreciate this cost from completion of installation over the next 40 years (2.5%) which equates to a deduction of $25,000 per year, as an example.

An additional deduction may be allowed to write off the existing cladding, if the original cost and installation was completed after 1979 on hotels (40 year life), commercial, aged care, industrial buildings and similar construction which commenced after 16 September 1987 (2.5%).  As we have qualified quantity surveyors registered on the Tax Practioners Board we can provide this deduction for you.

Below is the link from the ATO which provides some more clarity and discussion.

https://www.ato.gov.au/law/view/view.htm?docid=EV/5010053298616&PiT=99991231235958

If you would like to discuss in more detail, please do not hesitate to contact any of our offices and our Property Tax Depreciation teams will assist.

Merry Xmas on behalf of your Depreciation Trusted Advisors and have a Safe New year

BRISBANE
Paul Mazoletti
National Director
o.  07 3221 8255
m. 0408 749 202
e.  pmazoletti@napierblakeley.com

MELBOURNE
John Mathew
o.  03 9915 6300
m. 0414 559 326
e.  jmathew@napierblakeley.com

SYDNEY
Peter Osborn
o.  02 9299 1899
m. 0439 765 571
e.  posborn@napierblakeley.com

SYDNEY
Peter Guerra
o.  02 9299 1899
m. 0423 567 159
e.  pguerra@napierblakeley.com

• Butter Manufacturing
• Fruit and vegetable processing
• Gas, oil and mining support services (excluding offshore services)
• Ice cream manufacturing
• Scientific testing and analysis services
• Spirit Manufacturing

Refer to this link for the details.

Please contact any of the people below for further assistance :

BRISBANE
Paul Mazoletti
National Director
o.  07 3221 8255
m. 0408 749 202
e.  pmazoletti@napierblakeley.com

MELBOURNE
John Mathew
o.  03 9915 6300
m. 0414 559 326
e.  jmathew@napierblakeley.com

SYDNEY
Peter Osborn
o.  02 9299 1899
m. 0439 765 571
e.  posborn@napierblakeley.com

SYDNEY
Peter Guerra
o.  02 9299 1899
m. 0423 567 159
e.  pguerra@napierblakeley.com

This is a unique opportunity for client entertainment, business networking and relationship building, whilst also making a difference to desperate kids who are doing it tough, by raising money to build a home for homeless young people.

The event was well supported with over 1,800 people participating with over $400,000 raised to build homes for homeless young people. A great result!

We raced on ‘Margaret Rintoul V’ which is 61 foot maxi cruising and racing yacht. 

We fed and watered our clients (crew) on the way to Middle Harbour Yacht Club and then commenced our practice drills before the race – all under the professional guidance of our skipper and crew.

Although it was beautiful weather, the light 12 knot wind didn’t help us in getting into a winning position, though it was still an excellent day of sailing with the bonus of a pod of dolphins joining us.

The after party on the beach is always a great opportunity to connect with others in the race that include many of our clients both property and development, and to plan how to get over the line 1st next year!

The N&B crew comprised of:

• Peter Osborn – NB
• Katrina Richardson – NB
• Peter Guerra – NB
• Paul Pegram – NB
• Simon Staddon – Burgess Rawson
• Ruth Smallwood – Brookfield Property Partners
• Michael Antonelli – Lend Lease
• Lionel Puang – Mirvac

Or…  have you recently refurbished, altered or extended your investment property in the past financial year?

Or…  do you own an investment property but have never claimed depreciation in the past?

Or… own any property including commercial, retail, industrial, residential, pubs, clubs, sporting – we are experts in them all.

If your answer is yes to any of these questions then you may very well be paying too much tax on your income if you don’t claim your depreciation deductions.

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.

Don’t waste any more of your money, request a quote today or contact us to get advice on how a depreciation schedule can strengthen the return on your investment putting more money in your pocket.

Please contact any of the people below for further assistance :

BRISBANE
Paul Mazoletti
National Director
o.  07 3221 8255
m. 0408 749 202
e.  pmazoletti@napierblakeley.com

BRISBANE
Kath Hemphill
National Residential Manager
o.  1300 730 382
m. 0409 722 709
e.  khemphill@napierblakeley.com

MELBOURNE
John Mathew
o.  03 9915 6300
m. 0414 559 326
e.  jmathew@napierblakeley.com

SYDNEY
Peter Osborn
o.  02 9299 1899
m. 0439 765 571
e.  posborn@napierblakeley.com

SYDNEY
Peter Guerra
o.  02 9299 1899
m. 0423 567 159
e.  pguerra@napierblakeley.com

For 32 years and counting Napier & Blakeley have been providing the following services to the property industry:

• Property Acquisition & Disposal Technical Due Diligence
• Property Development Due Diligence
• Quantity Surveying
• Capital Expenditure Forecasting
• Make Good Reporting
• Energy Management
• Development Monitoring
• Property Tax Depreciation

Please contact any of the people below for more information or assistance:

SYDNEY
Alastair Walker
Managing Director
o.  02 9299 1899
m. 0419 503 289
e.  awalker@napierblakeley.com

MELBOURNE
Craig Smith
Director
o.  03 9915 6300
m. 0407 371 664
e.  csmith@napierblakeley.com

BRISBANE
Paul Mazoletti
National Director
o.  07 3221 8255
m. 0408 749 202
e.  pmazoletti@napierblakeley.com

PERTH
Graham Rigby
Senior Associate
o.  08 9489 4895
m. 0419 847 998
e.  grigby@napierblakeley.com

This will apply to the purchase of any second hand properties where the contract to buy is entered into after 7.30pm on 9th May 2017.

Contracts entered into prior to this date will be grandfathered and deductions will still be able to be claimed.

What this means is not entirely clear yet.

Will this mean, for example, that items previously considered to be plant and equipment and therefore deductible under Division 40 of the ITAA could now simply form part of the building and therefore become deductible as part of the building and included under Division 43 Capital Works deductions?

Items of plant and equipment that could previously be depreciated under Division 40  include carpets, air conditioning, dishwashers, ceiling fans etc.

The level of deductions for plant and equipment in residential investments varies between different types of assets from free standing houses to high rise strata titled property, but could represent as much as 15% of the total deductions available. In the early years this can be in the order of 40-60% of the overall annual claim, which is a significant loss of deductions.

The effective lives of these items were previously considered to be lower than the general building structure and therefore they could be depreciated quicker giving a higher write off value per annum.

Under Division 43 the general building only attracts a 2.5% deduction per annum based on the original cost to construct and so annual deductions will be significantly lower per annum.

There are, as yet, no details on how these plant and equipment items values will need to be treated during a tax payers ownership, but will likely have to be calculated as their written down value as at the time of purchase.

There are also no details as to how costs for post 9th May renovations, refurbishments and extensions to investment assets will be treated or whether an investor can or cannot depreciate these items going forward.

On a positive note, this may influence a boost in residential development as investors may be drawn to the higher deductions they can achieve by acquiring assets in new residential developments that are currently underway or planned into the future.

Napier & Blakeley were the first company in Australia to prepare depreciation schedules and as you can imagine there have been numerous changes to depreciation legislation since we started in 1985. Accordingly we will work through these changes as more information becomes available and will provide updates on this as information rolls out in due course.

Please contact any of the people below for further assistance :

BRISBANE
Paul Mazoletti
National Director
o.  07 3221 8255
m. 0408 749 202
e.  pmazoletti@napierblakeley.com

MELBOURNE
John Mathew
o.  03 9915 6300
m. 0414 559 326
e.  jmathew@napierblakeley.com

SYDNEY
Peter Osborn
o.  02 9299 1899
m. 0439 765 571
e.  posborn@napierblakeley.com

SYDNEY
Peter Guerra
o.  02 9299 1899
m. 0423 567 159
e.  pguerra@napierblakeley.com

For 32 years and counting Napier & Blakeley have been providing the following services to the property industry:

• Property Acquisition & Disposal Technical Due Diligence
• Property Development Due Diligence
• Quantity Surveying
• Capital Expenditure Forecasting
• Make Good Reporting
• Energy Management
• Development Monitoring
• Property Tax Depreciation

Please contact any of the people below for more information or assistance:

SYDNEY
Alastair Walker
Managing Director
o.  02 9299 1899
m. 0419 503 289
e.  awalker@napierblakeley.com

MELBOURNE
Craig Smith
Director
o.  03 9915 6300
m. 0407 371 664
e.  csmith@napierblakeley.com

BRISBANE
Paul Mazoletti
National Director
o.  07 3221 8255
m. 0408 749 202
e.  pmazoletti@napierblakeley.com

PERTH
Graham Rigby
Senior Associate
o.  08 9489 4895
m. 0419 847 998
e.  grigby@napierblakeley.com

The event was very well supported with well over 85 yachts racing, with 7 of them also being entrants for the Rolex Sydney to Hobart race.

Beautiful weather and 15 knot winds provided a perfect backdrop for an excellent day of sailing as the 6th place overall is testament.

We raced on ‘Margaret Rintoul V’ which is 61 foot maxi cruising and racing yacht.  After dropping anchor for lunch at the idyllic Manly Cove, it was then practice time – under the professional guidance of our crew, before the start of the race.

The N&B crew comprised of:  

Peter Osborn – NB
Peter Guerra – NB
Billy Dawes – NB
Simon Gould – NB
Allison Ribas – NBE
Peter Thomas – ANZ
John Watkins – ANZ
Danny De Sousa – Brookfield Property Partners
Matt Dingwall – Invesco Real Estate
Michael Antonelli – Lend Lease
Scott Robertson – NAB
Dean Beaumont – NCIS Group

The after party on the beach was a great opportunity to connect with other corporate racers and plan how to get over the line 1st next year!.

Comments from our Guests:

“It was a great day and thank you so much to you, Allison and the NB Team.”  Dean Beaumont – NCIS Group

“I had a fantastic day and it was great to meet other members of your team, as well as other clients.  What a way to end the week!” John Watkins – ANZ

“Thanks for organising a great day out. The beach party was great too.” Danny De Sousa – Brookfield

“Thank you for organising such a great event!” Matt Dingwall – Invesco

“Thank you for a great day on Friday it was great to take some time out and also network with industry like people.” Peter Thomas – ANZ

“Was a really enjoyable day and to know we were in the top 10 was a good result.” Scott Robertson – NAB

Are you getting the best return from your investment property ?

Each year, millions of dollars in property depreciation goes unclaimed by property investors who don’t know how and what to claim – or who find the whole thing too hard.

Let us worry about it, so you don’t have to.

Napier and Blakeley are the property tax depreciation specialists. We’ve been working for investors for over thirty years, making sure they maximise their deductions – and get the best return. Our specialist quantity surveyors are among the most experienced and qualified in the country, and are advised by our research team on the latest revisions from the Australian Taxation Office.

If we can’t find deductions worth more than three times our fee, we will not proceed.

You’ll be surprised what you can claim – loss of value of fixtures and fittings, renovations, extensions, even demolition. In many cases you can even claim previously unclaimed years*. These tax breaks can really accelerate your wealth creation, as successful property investors know.

The figures shown are a general estimate of the tax breaks available on investment property – in many cases thousands or even tens of thousands of dollars. Obviously every situation is different, depending on factors like purchase date, property type and size as well as your financial situation. Give us a call to find out more.

It’s easy and rewarding.   One phone call could be worth thousands… Let’s talk.   Call us on 1300 730 382.

Kath Hemphill
National Residential Manager
M: 0409 722 709
E:  khemphill@napierblakeley.com

*(fear of missing out?)

If you’re a property investor and not claiming tax depreciation, you are missing out on some serious cash.

But don’t worry – we’ll fix it!

Napier & Blakeley’s expert team have been maximising property depreciation claims for over three decades. And if we can’t claim you back three times as much as our very reasonable fee, we’re free.

Chances are, though, you’ll end up with thousands of dollars in your pocket. We can even help you claim deductions from past financial years, up to two previous years on top of the current tax year!

We’ll get you every cent you’re entitled to. Our registered tax agents work with accountants and the ATO to stay updated and compliant – ensuring the maximum return for you.

Turn your FOMO into CASH.

Call the experts on 1300 730 382 to find out how we can maximise your property’s return.

Kath Hemphill
National Residential Manager
M: 0409 722 709
E:  khemphill@napierblakeley.com

The reduction in duty has become increasingly attractive – initially, 20% was reduced on 1 July 2011, followed by 10% on 1 January 2013, 10% on 1 July 2013 and the upcoming 10% on next Monday, 1 September 2014.

It is available for new or established home purchases.

\

Contact Us Now:

Property Depreciation & Insurance
John Mathew – 03 9915 6300 – jmathew@napierblakeley.com
Peter Guerra – 02 9299 1899 – pguerra@napierblakeley.com
Peter Osborn – 02 9299 1899 – psoborn@napierblakeley.com
Paul Mazoletti – 07 3221 8255 – pmazoletti@napierblakeley.com

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.

Don’t waste any more of your money,  request your depreciation schedule today or contact us to get advice on how a depreciation schedule can strengthen the return on your investment putting more money in your pocket.

Contact Us Now:

Property Depreciation & Insurance
John Mathew – 03 9915 6300 – jmathew@napierblakeley.com
Peter Guerra – 02 9299 1899 – pguerra@napierblakeley.com
Peter Osborn – 02 9299 1899 – psoborn@napierblakeley.com
Paul Mazoletti – 07 3221 8255 – pmazoletti@napierblakeley.com