Having a property depreciation schedule performed on your rental property by a qualified quantity surveyor, who produces a depreciation schedule for your Accountant, can literally save you thousands of dollars in tax each year.
It’s money for nothing and many property investors either forget about it or simply have their local accountant knock together a “best guess” schedule that rarely maximises your deductions.
𝐓𝐈𝐏 𝐎𝐅 𝐓𝐇𝐄 𝐃𝐀𝐘: A depreciation deduction on your rental property could also possibly apply to a FOREIGN RENTAL PROPERTY
And if you make a rental loss after including the depreciation, you can offset it against your other income and maybe get some $$ back!
Many people are not aware that you could possibly get a depreciation deduction in your Australian tax return for your overseas properties so it’s definitely worth thinking about.
Like any tax advice make sure you get help for your specific situation.
𝐈𝐟 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐨𝐰𝐧𝐞𝐫 𝐚𝐧𝐝 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐨𝐯𝐞𝐫𝐰𝐡𝐞𝐥𝐦𝐞𝐝, 𝐈’𝐯𝐞 𝐠𝐨𝐭 𝐲𝐨𝐮𝐫 𝐛𝐚𝐜𝐤.
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