Bricks & Mortar still our passion
We are quite sure that anyone viewing our site and seriously looking to purchase is completely aware that the Residential market has softened slightly from the dramatic highs of 03/04.
From our point of view this is healthy as today’s conditions provide all parties with a more conventional negotiation process.
What does surprise us is that many property investors are missing out on substantial savings available to them under the existing legislated Tax Depreciation laws. Put simply, you are able to claim depreciation on fixtures & fittings and several other items on a building of any age, (Division 40 Allowance).
Buildings constructed since 1985 are entitled to more substantial allowances under Division 43. The benefit of these allowances is passed down with the sale of the property, as the ATO recognise that with each sale, items have a new value to the new owner.
Importantly, if you have owned a property for some time and not made a claim a retrospective Tax Depreciation Schedule can be prepared to adjust your tax return for the previous 5 years.
At GCPN we are helping our clients be vigilant toward the saving of their Tax Dollar
.