Landlords
Prestige Residential Units & Depreciation Deductions – How do they stack up?
We’ve prepared a number of depreciation schedules on prestige residential units recently and thought to offer some insight into some of the major depreciable components and overall deductions. One particular prestige development was “The Residence” on Hyde Park. The development comprises 87 luxury apartments over 23 levels with unparalleled views of Sydney’s city skyline and…
Read MoreThe pitfalls of specialisation; Depreciation deductions maximised with estimating department
We live in a world of specialists, and for the most part, it’s a good thing. We use buyers’ agents to find us the best real estate, mortgage brokers to find us the best loan and comparison sites just to help us compare different companies. Why? Well the majority of the time it’s because we…
Read MoreDepreciation on residential buildings – Why 1985 doesn’t matter anymore
It’s amazing how certain aspects of tax depreciation stick in the minds of property investors and real estate professionals. One such example is the residential cut-off date for depreciation on the building structure. Most investors know that 1985 is an important year for depreciation, and many assume that a property built before 1985 will not…
Read MoreIs your Quantity Surveyor endorsed by the Australian Tax Office (ATO)?
We’re no strangers to the politics of fear, thanks in no small part I suppose to the Bush administration. It’s true that fear is a very powerful emotion, and one that can be used to positive and negative ends. Take for example, products and services. We all have a fear of buying an inferior product…
Read More4 Things you need to know about depreciation this tax season
It’s that time of year again where television advertisements start battering us with acronyms like ‘EOFYS’ and shoe boxes of receipts are clutched in trembling hands gripped by the terror of a looming tax return. Whilst fear and dread might be the default emotions for many at this time of year, for property investors it’s…
Read MoreATO Tax Depreciation Effective Lives – Depreciation Rates for 2013/2014 under Tax Ruling 2013/2014
*Note – These effective lives are now covered by TR 2019/5. The best up to date list is here https://www.mcgqs.com.au/ato-effective-lives-2019-2020-depreciation-rates.php We’re frequently fielding questions about the specific effective lives for residential property, so we’ve decided to post the current effective lives here. These effective lives are current at the time of posting, and come from…
Read MoreNew effective life legislation from the ATO – TR 2013/4 in effect from 1 July 2013
On the 26th of June 2013, the ATO withdrew the taxation ruling TR 2012/2. This outlined the effective life of all qualifying plant and equipment depreciating assets. The new and excitingly named TR 2013/4 ruling is in effect from the 1st of July 2013 and includes some changes to existing depreciating assets and the addition of…
Read MoreHome Insurance Shortfalls and the Impact of Recent Natural Disasters in Australia
Recent events in Australia have shown the devastation that natural disasters are capable of. Between the Queensland & Victorian floods and the NSW bushfires, Australians have come to see just how important adequate home insurance is. These disasters have also highlighted an epidemic of under insured home owners in Australia. Let’s take a look at…
Read More5 Things you need to know about depreciation this tax season
It’s that time of year again when accountant’s offices are a hive of activity with shoeboxes of receipts being dumped on desks and excel sheets being deciphered and dutifully turned into tax deductions. For property investors, the tax season should be a time where a little bit of knowledge and planning results in some significant…
Read MoreThe average house that achieved over $3,000 worth of depreciation deductions in 59 days
At MCG we occasionally see some astonishing tax depreciation deductions, like the penthouse in Cremorne Point which returned over $170,000 in its first full year of claim, but even an average house can return amazing, yet every-day deductions. Consider a property in Goulburn built in May 2012 and purchased brand new for $315,000 (the above picture is…
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