June 2024
It’s that time of year when everything and everyone is a bit frenetic. Usually because many of us leave things till the last minute. We’ve been doing Depreciation Schedules for over 20 years, so we know what these last days of June are like.
Do you need a Depreciation Schedule for a recently purchased property? NOW is the time to pay for it because you can claim our fee back quickly. You can order your new Depreciation Schedule here.
Here are some other points worth pondering at this time of the year:
- Could you have unclaimed depreciation in an older property?
- Want to refer a friend and get rewarded?
- Why is now the time to spend money on your rental property?
- Are you ready to see your accountant?
- The ATO are watching – be careful.
Could you have unclaimed depreciation in an older property?
Perhaps you have a rental property and you’re not sure whether there is any depreciation there to claim. Gee, it would be a pity to not find out for sure. We have written previously here about the depreciation available in older properties. If you have photos of your property, we can tell you in a short conversation how much depreciation might be there and how we can help you get your hands on it.
Want to refer a friend and get rewarded?
Got a friend you think might need a Depreciation Schedule? Lots of people do. And the chances are they are not as informed as you – if you have read this far, it shows you’re interested in this stuff. You can refer your friend using this link and if they proceed with a Depreciation Schedule, you’ll earn their eternal gratitude and a $40 EFTPOS card.
Why is now the time to spend money on your rental property?
What other tax time ducks do you need to get in a row? We’ve written previously here about how this is the time to spend money on your property because you get to claim it back quickly. In short, repairs you can expense immediately. Brand new Assets under $300 can be written-off immediately. And new Assets costing between $300 and $1,000 can go into the Low Value Pool and depreciate at 18.75% in this part year even if you only add them a few days before June 30.
Are you ready to see your accountant?
Be kind to your accountant at this time of year. The more organised you are, the better they will be able to help you. A Depreciation Schedule from the provider favoured by accountants is a start – that would be us. But what about all your other property related deductions? Here is a checklist you can use to make sure.
The ATO are watching – be careful.
Be wary of the ATO. They know more and more about you every year. More than your family do in some cases. We wrote about this recently here. Last month we had a client get in touch after the ATO got in touch with him – Gulp. They asked some penetrating questions about his repair claim for the 23 tax year. Luckily, he had asked our opinion first on how to treat his largish expenditure for repairs during the year and we could suggest how he might respond to the ATO. Common sense (and rules) prevailed, but we were surprised at how deep the ATO dug. You can read more about what the ATO are on the lookout for this year here.
Do you have a residential or commercial property you would like us to help you claim depreciation for? Order online now or call us on 1300 660 033 and rely on our 20-plus years of experience in estimating depreciation returns.
