It may be a couple of months away but now is the perfect time to start preparing for the end of the financial year. We want to remind you about one expense that a lot of owners overlook: depreciation. Are you claiming all that you can?
There are two types of depreciation:
1. an allowance for assets that covers things like cooktops;
2. an allowance for capital works or the cost of construction.
Both of these types of depreciation decline in value within certain time periods that the Australian Taxation Office has defined. In order to claim what you are entitled to, itâs imperative to have a Depreciation Schedule performed â that way youâll have an understanding of what you can claim for, how much you can claim and over what period of time. Your property manager will be able to assist with organising a Depreciation Schedule for you before the end of the financial year (and itâs tax deductible too!).