The Boatyard Sails into Brisbane’s popular Bayside Suburb
Brisbane’s stunning new residential development, The Boatyard is an excellent example of NBtax’s role in helping investors save thousands in property tax through depreciation allowances. The project comprises 26 luxury apartments spanning across four buildings situated on the premium north facing location of the Bulimba peninsular in Brisbane.
Property owners can choose from two to four bedroom waterfront and terrace apartments, exquisitely appointed with high end fittings and fixtures attracting substantial depreciation benefits. Investors leasing out these apartments are likely to attract high rental income, easily offset through depreciation allowances. Built by HG Developments and marketed by Place Projects, investors purchasing these properties directly will benefit from claiming deductions for Building and Plant and Equipment items. NBtax by Napier & Blakeley had the privilege of providing property owners with depreciation reports for several apartments in this development delivering significant tax savings for our clients.
“We had the advantage of working directly with HG Developments to provide quantity surveying services enabling us to accurately cost building, plant and equipment values for depreciation,” said Kath Hemphill, National Residential Manager, NBtax by Napier & Blakeley. “Our depreciation analysis covers a wide range of factors including construction costs, legal fees, appliances, furnishings and fittings, plus shared facilities such as the pool and associated equipment,” said Ms Hemphill.
Based on a typical standard apartment with two bedrooms, 2 bathrooms and one car park valued at $810,000 investors can expect to receive $21,876 in depreciation allowances during the first full year. This is a massive saving for all investors, regardless of the size of their property portfolio.
Property investors with Boatyard apartments can obtain a depreciation report to help offset future rental income at a special rate from our NBtax Residential Property Tax team. Contact us to order your report or for more information.