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Bonanza Depreciation for Investors of Bonython Tower, Gosford, NSW

We’re thrilled to showcase another interesting depreciation project from our Property Tax team.

The Bonython Tower is a mix of retail outlets and residential apartments featuring 18 x one bedroom apartments, 36 x two bedroom apartments, and 2 x three bedroom penthouses, plus two floors of office suites, restaurant and bar.

Our Property Tax team prepared depreciation reports for purchasers of these luxury apartments. Developed by the Bonython Property & Investments this is the first premier quality commercial development of its kind in Gosford CBD, on the NSW Central Coast.

Below is an example of the depreciation allowances received by one of our property investors. Our investors purchased a two bedroom, two bathroom unit for $750,000.

Our Property Tax team calculated over $500,000 in depreciation allowances for the life of the property, with $27,850 in the first full year.  

The Plant & Equipment assets within the units are high end, delivering a greater depreciation value. These include ducted air conditioning, video intercoms, as well as some integrated electrical appliances by Miele.

Among the unique features of this property that are eligible for Building Allowances (Division 43) include the five metres tall Helix-shaped timber staircase, with a feature wall made of custom oxidized panels and brass inlays.

In addition to the standard plant and equipment items, investors of the Bonython Tower apartments are eligible to claim a share of common assets including car stackers and car lifts.

In this case, our client was able to claim approximately $25,000 in allowances for the car stacker, depreciating over 20 years, adding to their overall tax savings. Car lifts cost less, but our team was able to include a claim of approximately $4,000 in allowances, in the depreciation schedule. This amount would diminish over the life of the lifts, roughly 20 years.

Our Property Tax team compiled a comprehensive depreciation schedule to ensure our client receives a significant tax benefit for their investment property through depreciation allowances.

To ensure you can claim all eligible depreciation allowances contact our experienced and knowledgeable team today.