Happy New Financial Year! We are ready for another crazy tax season so please contact our office to schedule in for a tax consultation. We do however recommend waiting until the 15^th of July to have your tax return prepared as this allows time for the ATO (and yourself) to have the information required and to reduce the need for an amendment should any information be missed. Please contact us if you are unsure what information is required to complete your tax return.

A property owner has many deductions at their finger tips but one deduction that many owners don’t consider is depreciation. When a new asset is purchased for a rental or commercial property then it would usually need to be depreciated over a number of years, but what about the existing assets and buildings on the property? Existing assets can too be depreciated and claimed as a tax deduction, maximizing tax savings! However, the value of the existing assets and the depreciation rules that can be applied are often unclear. We suggest contacting a quantity surveyor to value the existing assets, including any buildings and provide a depreciation schedule to allow for higher tax deductions against your property. Please contact our office for more information if you are interested in this service.