Specializing Field - Depreciation & Capital works deductions

Tax Deduction

According to ATO, there are three types of expenses an owner of income producing property can reduce their assessable income over a number of years:

• Borrowing expenses
• Amounts for decline in value of depreciating assets
• Capital works deductions

Deductions are available on both new and existing properties including extension, alteration or improvement to a building. The rates used are governed by the various income tax rulings dependent on the date of construction of the property, date of settlement and building type.

Types of properties are, (but not limited to the following):

- Individual houses
- Townhouses or units
- Apartment as part of multiple-unit blocks
- Commercial properties including office and warehouse

Types of depreciation assets, (but not limited to the following):

- Oven, Stove, Dishwasher
- Floor coverings such as Carpet, Vinyl, Curtains and Blinds
- Hot water system
- Heating and cooling systems
- Furniture and fittings

ATO's Requirement for Qualified Quantity Surveyor

Why Assets surveyors for your Tax Depreciation Schedule?

 

Copyright © 2008-2010 AssetsSurveyors All right reserved. ABN 63989485622

Powered by ArkDraw