Changes to legislation were introduced into parliament yesterday, including changes which will negatively affect residential property investors across Australia.
BMT has created a list of assets that property investors commonly overlook when claiming depreciation, including garden sheds, exhaust fans, garden watering systems, garbage bins, intercom systems, door closers, and shower curtains.
The Australian Government has released draft legislation for public consultation that provides property investors with the opportunity to have their say around proposed changes to depreciation deductions that were announced in this year’s Federal Budget.
Property investors who attempt to self-assess their depreciation claims this tax period instead of relying on an expert quantity surveyor may be placing themselves at risk of missing out on thousands of dollars in legitimate tax savings, says Bradley Beer of BMT Tax Depreciation.