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.