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As a building gets older and items wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to this wear and tear on the Building, plant and equipment items it contains.
Any owner of an income producing property can claim depreciation. This deduction essentially reduces the investment property owner’s personal taxable income, so you pay less tax!
The deductions will vary depending on a range of factors that are unique to your investment property. But to get you thinking, Here’s some example deductions* that could be claimed for an example one-bedroom investment unit that is less than 5 years old.
In the Bedroom you could claim depreciation on:
In the Bathroom you could claim depreciation on:
In the Lounge room you could claim depreciation on:
In the Kitchen you could claim depreciation on:
Note: The above example is provided as an approximate guide only. Example assumes property is less than 5 years old. Approximate deductions obtainable are based on a 1 bed unit, using the diminishing value method of depreciation over the relevant time period.
I hope this has given you a basic understanding of tax depreciation. Now you understand how important depreciation is, here’s some steps to help you maximise your depreciation:
No guesswork. No dramas. Just results.
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