Budget 2017 Depreciation Deductions
In the Federal Budget on 9th May, depreciation allowances forming part of an investors income tax deductions for second hand residential investment properties were effectively killed off.
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? Continue reading
Is your Lodgement day approaching ?
The end of the financial year has come and gone and if your tax lodgement day is approaching we can still assist you to maximise the tax deductions available on your investment property.
Not only can we assist you, we guarantee that you get maximum deductions and also be fully compliant with the A.T.O. as we are Registered Tax Practitioners.
Napier & Blakeley, the first Property Depreciation Company and still the best – just ask your Accountant.
Call Napier & Blakeley today for assistance with your Tax Depreciation Schedule or any other Napier & Blakeley services at any of our offices below:
SYDNEY
Peter Osborn
Director – NSW, ACT
o. 02 9299 1899
m. 0439 765 571
e. posborn@napierblakeley.com Continue reading
