If you own one or more rental properties and you don’t have a tax depreciation report, you could be missing out on $$$ of deductions!
Depreciation to your property relates to wear and tear of the buildings as well as the assets within a property, and is allowed as a deduction by the ATO when the property is used for income producing purposes!
You should get a quantity surveyor to complete the report as they are recognised by the ATO as having the necessary skills to make any required estimates.
For further information, simply contact me!
If you’re in South West Victoria, check out page 34 of the newly released South West Living Magazine…here I am!
There’s also a feature on my recent Libby Harricks Achievement Award on page 49 – you can’t get away from me!
Want some hot tips on some hot spots?
As part of the National Tax Accountant’s Association recent Tax Schools, we were kept abreast of the ATO’s individual audit hot spots for 2016, here they are:
Work related expense claims:
– they will be keeping an eye on unusually high work-related expense claims, claims for travel involving travel between home and work and claims for travel expenses that have already been reimbursed by an employer
– there’ll be an increased compliance focus on rental property deductions, particularly claiming repairs to a newly acquired property and related interest claims
Medicare levy and Medicare levy surcharge:
– resources have been directed to this area of compliance to ensure those claiming an exemption from either of these rates are in fact entitled to do so
CGT issues with applying the main residence exemption:
– issues commonly arise in relation to this area where a property has been used for income producing activities or there have been some developments to the “backyard”
As always, I encourage you to err on the side of caution, keep excellent records for all transactions and be open and honest with me as I am completing your tax return so I can advise you accordingly…
Want to come to Paris? Of course you do…
The 2016 Finding my Feet – Parisian Retreat will be held from 4th November – 12th November, 2016 in the heart of Paris – and I am excited!
Many of you who keep up to date with my antics will know that I travelled to Paris in 2015 and I can honestly say that I returned a different woman – I was inspired, I was liberated and I was motivated – and I literally felt as though I had found my feet! My only problem was to work out how I could bottle that feeling and share it with you? This is how…
Join me for 9 days of living in your own gorgeous apartment in the 2nd arrondissement and join in a coaching program that will change your life!
You’ll receive the benefit of a 12 session coaching program and additional resources, all while enjoying the luxury that is Paris – there is a beauty in Paris like no-where else in the world…she whispers to you as you stroll the banks of the Seine River, as you sit on the terrace of a Café and as you immerse yourself in French culture – you can truly see all that is the City of Light!
Finding my Feet – Parisian Retreat is hosted by Bron Levett Coaching with administration support from The Tax Chic. For further information and to receive a brochure, please contact us here or via Facebook.