If you want a fatter bank balance at the end of the financial year then you could stop buying your daily latte. You could sell your mint condition 1969 HT Monaro OR you could call a Quantity Surveyor and request they create a depreciation report for your investment property.
Depreciation is key to lifting your investment property from just an ‘extra income’ kind of investment to a ‘See you later, I’m off to the Whitsundays for the weekend’ type of investment. A Quantity Surveyor wears many hats but you’ll often find them assisting investors to pay less tax by creating depreciation schedules for investment properties.
Depreciation is the tax office’s term for a property’s wrinkles but unlike your face, those wrinkles could actually save you money. Imagine being able to claim anti-ageing creams and serums! If you give your investment property a facelift you can claim all of those shiny new appliances as well as the leftover value of the old wrinkles, I mean, appliances. Enough with the awkward facelift analogies, depreciation schedules are serious business.
First things first: do you have an investment property? Does it have a depreciation schedule?
Yes? Good for you, you clever cookie! When are you heading to the Whitsundays next?
No? SOMEONE CALL A QUANTITY SURVEYOR QUICK!
There’s simply no time like the present to get your investment property seen by a Quantity Surveyor. The potential for savings outweighs any concern for the costs of having a depreciation schedule drawn up, but if that is a concern, a quick phone call to a Quantity Surveyor could reveal whether or not you will gain greatly and will help you make your decision to proceed or not. But it’s likely that a depreciation schedule will be the best thing you’ve done for your bank balance in a long time. Lattes continue.