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The Landmark Delivers Investors Substantial Depreciation Wins

Property Investors in sophisticated luxurious apartments like The Landmark at St Leonards in Sydney are receiving tens of thousands of dollars in depreciation deductions.

Located in Sydney’s popular North shore district, the Landmark offers residents modern living with spectacular views of  Sydney Harbour. There are plenty of living options ranging from one bedroom studios to three bedrooms apartments, plus architecturally designed majestic penthouse suites. What sets this development apart is its abundance of resort-style services and facilities accessible for residents. 

Our NBtax team was engaged to prepare a tax depreciation schedule for an investor who purchased a two-bedroom apartment in The Landmark.  

Following a property inspection, our NBtax tax team calculated a total of $34,460 in depreciation deductions during the first full financial year.  

As a new development, our client can claim depreciation for the Building as well as Plant & Equipment Assets (Divisions 43 & 40). They are also entitled to claim depreciation for their share of the many resort-style facilities. These include: 

  • Lap pool
  • Virtual Golf Range with 3 tournament virtual systems, equipped with lounge setting and bar fridge
  • Two Cinema rooms
  • Private Spa
  • European Style Sauna
  • Serene Yoga room for quiet solace or private classes
  • Kids playroom 
  • Library and resident’s lounge
  • Music rehearsal rooms.
  • Private dining room with full kitchen
  • Sky Lounge
  • Quiet reading in the resident’s library

The high-end finishes and abundance of shared property facilities has boosted our client’s depreciation deductions. Over the next 40 years, our client can claim up to $501,650 in depreciation deductions for their residential investment property. Our calculations are based on typical depreciating assets such as: 

  • Blinds
  • Furniture and fittings
  • Air conditioning units
  • Floating timber floors and carpets
  • Kitchen equipment 
  • Laundry drying equipment 
  • Lifts
  • Security systems
  • Ventilation fans
  • Hot water installations
  • Gardeners equipment 
  • Gymnasium 
  • Sauna and spa equipment 
  • Swimming pool filtration assets and equipment 
  • Vehicle control equipment 

Through depreciation allowances our clients can substantially offset rental income and reduce their taxes.  

Don’t dismiss the value of depreciation deductions in helping you to gain a better return on your investment property. Order your comprehensive and accurate depreciation schedule from our NBtax team today.