Save yourself money at tax time by utilising the property tax deductions that are accessible to investors. You don’t want to risk claiming your deductions in the wrong way, but you don’t want to miss out on the maximum tax benefits either.
You need to know what you’re able to claim, and hiring professionals like the team at VPJ Constructions is the best way to ensure you get your inspection for property tax deductions done correctly.
Depreciation allows you to claim a tax deduction for the wear and tear that occurs over time on any old or new property, including some of the permanent fixtures, equipment and fittings. As a building ages, its structure and permanent fixtures start to wear out and their worth declines.
The ATO (Australian Taxation Office) makes it possible for those who own income-producing properties (such as an investment property) to lower their tax liability by listing depreciation as a tax deduction.
This doesn’t mean you can go around yourself and try and claim anything as depreciation, however. You need qualified Quantity Surveyors to inspect your property and create a tax depreciation report that is suitable for use when claiming tax deductions with the ATO at tax time. These reports need to be put together in the correct way so that you do not find yourself getting audited by the ATO.
At VPJ Constructions and Services, we specialise in carrying out these inspections. We know what to look for, and what can and cannot be claimed, so you can rest assured that we’ll help you maximise your tax deduction.
One of our expert Quantity Surveyors will attend the property along with one of our qualified building inspectors, to conduct a thorough inspection of your property for tax deduction purposes. We gather all the required information and data to create the required depreciation schedules for your tax depreciation report.
Claiming tax deductions is serious business, and you want to be confident that your inspection is done correctly so that your accountant can make the appropriate claims on your tax return.
Call VPJ Constructions to arrange your property tax deduction inspection today.