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High demand hits Perth property market

October 23, 2020Grace Ormsby

Perth’s bumper spring selling season is showing no signs of abating, with one real estate agent expecting strong demand to continue well into the summer months. ...

REB_top100agents
top 10 agents

1

Alexander Phillips

Year of Experience: 20

Support Staff: 3

Residential Properties Sold: 215

Total Value of Residential Properties Sold:

$ 522,477,791

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Have you experienced sexual harassment or bullying in the workplace?

Yes, I've been the victim of sexual harassment (15.8%)
Yes, I've been the victim of workplace bullying (21.1%)
No (63.2%)

Total votes: 19
The voting for this poll has ended on: April 30, 2020
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Rare items get missed — why your landlords shouldn’t DIY at tax time

17 October 2018 Tim Neary
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Up to 80 per cent of investors are unaware of all the legitimate deductions that they can claim, one expert has said as the 31 October tax return deadline approaches.

CEO of BMT Tax Depreciation Bradley Beer said that BMT research shows that investors using specialist tax depreciation schedules typically claim thousands of dollars more in deductions.

He said that a tax depreciation schedule produced by a specialist quantity surveyor will often mean that rare items, such as garbage bins and ceiling fans, are picked up and depreciated correctly.

“A professional depreciation schedule can provide peace of mind to investors, as they know they have maximised their claim.

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“Many investors choose to take a DIY approach to depreciation claims, but this often leads to items being missed or claimed incorrectly,” Mr Beer said. 

Mr Beer said that the federal government recently made the largest change to depreciation laws since the 1980s.

He said that it is important to know that owners of certain second-hand residential properties are unable to claim depreciation for previously used plant and equipment assets.

“Despite the new laws, there remains lucrative tax deductions available to most property investors. Capital works deductions were unaffected by changes and make up 85 to 90 per cent of the total claimable amount,” Mr Beer said.

“Thousands of dollars in legitimate tax deductions go unclaimed each year.”

The Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 was enacted in November last year.

Announced in the 2017 federal budget, it denies tax deductions for the decline in value of previously used or second-hand depreciating assets found within residential investment properties.

The new legislation limit plant and equipment depreciation deductions to only those outlays actually incurred by investors in residential properties and those who purchase brand-new investment properties.

Rare items get missed — why your landlords shouldn’t DIY at tax time
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