A property owner has many deductions at their finger tips but one deduction that many owners don’t consider is depreciation. When a new asset is purchased for a rental or commercial property then it would usually need to be depreciated over a number of years, but what about the existing assets and buildings on the property? Existing assets can too be depreciated and claimed as a tax deduction, maximizing tax savings! However, the value of the existing assets and the depreciation rules that can be applied are often unclear. We suggest contacting a quantity surveyor to value the existing assets, including any buildings and provide a depreciation schedule to allow for higher tax deductions against your property.
Please contact the Chesterton Accoutning office at 07 4179 0106 or www.chestertonaccounting.com for more information if you are interested in this service.