Tenants Leftovers – Landlords Bonus!
If vacating tenants have left fixtures and fittings in your investment property, some of them may be eligible for depreciation claims. KY Pih from Napier & Blakeley’s Brisbane office explains the principles.
Property tax depreciation has two parts:
(1) Division 40 items are plant and equipment like carpets, vinyl, lights, air conditioners, curtains, fire equipment, and hot water units; and
(2) Division 43 items are generally considered the ‘shell’ of the building and include things like walls, floors, ceilings, pipework, ductwork, etc.
If a tenant vacates and leaves Division 40 items behind, unfortunately the landlord is not entitled to claim depreciation on them because they did not incur the original expenditure. However, the landlord can continue to use the fitout to generate further income. Continue reading
It’s your money… don’t let it get away !
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. Continue reading
