Improve your cash flow and save thousands of dollars ORDER NOW

NBtax Tax Bites

image description

NBtax by Napier & Blakeley is Six Years Young

We’re very excited to celebrate another incredible year for our Property Tax team at NBtax by Napier & Blakeley. Even with the challenges of a global pandemic, our residential property clients have managed to maximise their return on investments through depreciation allowances.

Our Property Tax team has been working hard in all states to service the needs of our clients, delivering professional property tax advice, and accurate, comprehensive depreciation schedules.

Now, more than ever, investors need to ensure they claim all their depreciation entitlements for both the Building and Plant & Equipment allowances, in accordance with tax legislation.

Many novice property owners and even some experienced investors underestimate the potential tax savings they can gain. Below are some of the recent depreciation projects, we have completed for our clients, showing the typical value of depreciation deductions applicable during the first full financial year. The values will vary based on the construction cost of the building, age, size, and assets.  

Property                                                                  Depreciation Deductions p.a

  • Tempest, Miranda, NSW                               Up to $21,000
  • Madden Close, Botany, NSW                        Up to $15,000
  • New Life, Darling Harbour, NSW                  Up to $32,900
  • Bonython, Gosford, NSW                              Up to $27,800
  • Melbourne Quarter, Melbourne, VIC             Up to $15,000 
  • Braybrook, Melbourne, VIC                            Up to $15,600
  • V at Clayfield, Brisbane, QLD                        Up to $44,000 
  • Montague Residences, Brisbane, QLD          Up to $22,000 
  • The Cornelia Edition, Brisbane, QLD             Up to $23,000
  • Panorama Apartments, Brisbane, QLD         Up to $19,000
  • Scion Apartments, Gold Coast, QLD             Up to $15,000 

Calculations include typical Plant & Equipment deductions like white goods, blinds, carpets, alarm systems, air conditioners, hot water systems, plus a share of common assets such as lifts, storage, outdoor furniture, and entertainment, plus equipment for security, fire, pool, tennis court, sauna, and gym.

Remember, your property’s depreciation schedule can be submitted with your personal income tax return, every year, provided there are no changes such as new purchases of Plant & Equipment items or Capital Works. If they are changes, then it is worthwhile, obtaining a new schedule to include depreciation on these items.

Please join us in celebrating our sixth anniversary. Our Team looks forward to continuing to service the needs of property professionals including investors, developers, real estate agents and accountants to name a few. Contact us to arrange your property depreciation report.