It’s about that Depreciation Schedule you have been putting off.

June 30 is going to sneak up on us and your accountant is going to need it.

We might already have most of the information we need to jump on it – we might just be waiting for you to press the button

To book a new Depreciation Schedule or get your job moving, call us on 1300 66 00 33. or email enquiries@depreciator.com.au

Are you on top of the changes to depreciation that were announced last year? You should be. To read a very simple explanation, just click here.

There are now a lot of incorrect Depreciation Schedules out there – many providers are not up on the changes. The ATO will be looking out for dud Depreciation Schedules and you want to make sure yours is not one of them.

We can also explain the changes over the phone and tell you in that phone call how much depreciation you might be entitled to. Just call 1300 660033.

Apart from organising your Depreciation Schedule, now is the time buy any Assets (fixtures and fittings) your property needs. Remember, Assets under $300 are deductible and Assets between $300 and $1,000 can go into the Low Value Pool for fast depreciation.

It’s also a good time to do repairs you might have been putting off – better to spend that money closer to June 30. Be sure you know the difference between a ‘repair’ and an ‘improvement’. The ATO certainly know the difference, and their definition of a repair might surprise you. We covered this and lots of other useful stuff in our FREE ebook.

Don’t forget if you refer a friend who goes ahead with a Depreciation Schedule, we will send you a $40 EFTPOS voucher. You must use our referral link, though.

Depreciation Changes – 2017 Budget

Well, that caught everyone by surprise.

We are fielding plenty of calls from confused property investors. The waters are still a bit muddy, but here are a few points that might clarify some things:

1. This only applies to residential investment properties purchased after 7.30pm on May 9, 2017. ‘Purchase’ is generally defined as the date you put down a deposit on your investment property and contracts are signed and exchanged.
2. So if you already own your investment property, you are not affected. This is called ‘grandfathering’. It means changes are not retrospective.
3. The changes affect Plant and Equipment. A more common name for this stuff is Depreciating Assets: stoves, carpet, air con, curtains, and blinds etc.
4. If you buy a second-hand investment property, you will no longer be able to depreciate the stove, carpet etc.
5. The reason for this is simple. The government wants to stop the same items being depreciated over and over by consecutive property investors.
6. Depreciation on the building itself is not affected.
7. With a new investment property, you should still be able to depreciate the Assets because you are the first owner of them.
8. If you bought an investment property new, lived in it for a while and then moved out and turned it into a rental property, you should be able to depreciate the Assets because you are the first owner of them.
9. Commercial property is not affected.

The above is our interpretation of the changes on the 9th of May in the 2017 Budget and there are things yet to be confirmed. Given the uncertainty, if you are sitting on a property that needs a Depreciation Schedule, do it now. Call us on 1300 66 00 33.

We generally quote a 2-3 weeks to prepare a Tax Depreciation Schedule and usually we are able to do it quicker.
Tenants

Really the only thing that can cause delays are tenants. These days, most people are pretty busy and we understand this. That’s why we’re flexible our Quantity Surveyors will work in with the needs of the tenants. Sometimes that means we need to inspect out of normal business hours or on the weekend. We also understand that often we’re asking tenants to let a stranger into their home to poke around and estimate costs. Because of this we’re really sensitive to their situation and respectful of their space.

If we have a delay – for whatever reason – we’ll always let you know. We’ll tell you what the issue is, and when we expect to get the Schedule to you.
Priority Jobs

If you have a need to get a Schedule prepared faster, just give us a call on 1300 66 00 33and we’ll do all we can to help. Naturally, tax season is our busy time. Don’t leave it till then to organize a Depreciation Schedule.

The Property Council of Australia has identified our national capital as the country’s most liveable city in its 2013 My City survey.

According to the Property Council, and the statistics they’ve put together, Canberra is now Australia’s most Liveable City. Can you imagine what the people in… EVERYWHERE have to say about that?

Not that we don’t adore Canberra, but the Property Council’s own title for the survey, “My City The People’s Verdict”, suggests a more slightly subjective evaluation than any which would deliver this result.

Of course, all the criteria are spelled out in painful detail here for all inclined to pour over.

Apparently it should be called the Affordability Award, not the Liveability Award.

My guess is though that few of us will even get to the bit noting that only 10 cities qualify, before having a bit of a chuckle and moving on to some real news.
And it seems that the Canberra’s Liveability status is safe as Henry Henry Belot reports further declines in house prices in the nation’s capital.

See the Australian Property Investor Article below:
The Property Council says the liveability of Australian cities is being supressed by a lack of quality, affordable housing.

“Australia’s cities are vital to the prosperity of our nation, and yet they barely achieve a pass mark on the most important measure: liveability.”

The survey of 5400 respondents across 10 cities showed residents rated housing affordability alongside the cost of living and job opportunities as the most important issues for our cities.
Canberra, Adelaide, Hobart and Melbourne make up the top four liveable cities but all with scores below 66 per cent.
The final four placegetters are Wollongong, Sydney and Perth, with Darwin taking out the wooden spoon.
Nick Proud, an executive director with the Property Council, says city dwellers should expect more.
“Access to affordable housing continues to be a top priority for Australians right across the nation.”

Proud says governments on all levels are failing to address the issue.

“However, residents are unimpressed with the performance of state and territory governments in delivering greater housing choice and more affordable housing.

“Respondents were also very clear that they expect the new Abbott Government to take a sober look at housing supply and affordability – they’re not interested in buck passing between Canberra and the states.”