Posts Tagged ‘ato’
An inside look into a landmark lakeside lodge
November was a busy month here at MCG, and one particular report kept us pretty busy. For anyone that’s ever been to Terrigal on the NSW central coast, you couldn’t help but have noticed a little place called ‘The Clan.’ Here you can see it perfectly positioned along the entrance to Terrigal, just a sand spit away…
Read MoreThe questions we’re asked on a daily basis
Navigating the world of property depreciation can be a daunting task for property investors. Our aim is to simplify the process, eliminate the B.S. and arm investors with the knowledge they need to get the most out of their property. With that in mind, we thought it would be a good time to answer some…
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 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…
Read MoreNew effective life legislation from the ATO – TR 2012/2 in effect from 1 July 2012
On the 27th of June 2012, the ATO withdrew the taxation ruling TR 2011/2. This outlined the effective life of all qualifying plant and equipment depreciating assets. The new and excitingly named TR 2012/2 ruling is in effect from the 1st of July 2012 and includes some changes to existing depreciating assets and the addition of some new…
Read MoreTax Depreciation Rates (ATO) – 2012 Rates for your residential investment property
In previous posts we’ve looked at how effective lives are calculated, how depreciation rates are calculated and the difference between the diminishing value and prime cost methods. As we often get questions about the specific effective lives for residential property, we’ve decided to post the current effective lives here. These effective lives are current at…
Read MoreMCG on Property Observer – Calculating Effective lives for Tax Depreciation
Check out an article on how the ATO tax commissioner determines effective lives featured on Property Observer today, by our Tax Depreciation Director Mike Mortlock – http://bit.ly/wi6s88
Read MoreProperty Tax Depreciation – Effective Lives
Property Tax Depreciation – How does the commissioner determine the effective life of a depreciating asset? I’m often asked where ‘effective lives’ come from, and the short answer is the Commissioner of taxation. The long answer is a lot more complicated than that. For those uninitiated in how depreciation rates are calculated for plant &…
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