Maximising your deductions (i.e. reducing the tax you pay) can be difficult as most claims result from your own expenditure, interest and outgoings.
However if you own an investment property you can claim the cost of the depreciation in value of your fixtures and fittings! In fact, legislation was introduced back in 1985 to enable the depreciation of the construction cost [bricks and mortar] of an income producing building as well. The building must have been constructed after 18th July 1985.
Newer properties will result in a higher claim as the costs of construction are higher. This is all facilitated by using a “Property Depreciation Report” from a licensed provider.
Reputable providers include a guarantee that the tax saving in the first year will pay for the cost of the report! The report is usually good for up to 40 years, so you’ll be able to use it year after year to assist in the preparation of your annual income tax return.
You only need to pay for the report once!
We recommend the services of Depreciator, a national depreciation service.