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Frank Sellars & Co

Shop 2, 50 Herbert Street Bowen

07 4786 1577

07 4786 2530

mail@bowenrealestate.com.au

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14 Sep 2011 Professionals - Bowen 0 Comment

FIRST HOME OWNERS GRANT

A great start to get into your new first home

The Great Start Grant is a Queensland Government initiative to help first home owners to get their new first home sooner. You’ll get $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself. It’s a great opportunity to buy or build a new home in our great state.
How a $15,000 Great Start Grant can help you

If you’re thinking of buying or building a new home, this could
be what gets you started
It could get you something more than you were expecting
It can get you into your first home sooner

Note: The Great Start Grant is administered under the First Home Owner Grant Act 2000.

TAX DEPRECIATION

ARE YOU MISSING OUT? According to industry research about 80% of property investors do not fully utilise and take full advantage of the available Tax Depreciation benefits for their investment property.

What is tax depreciation?

As the owner of an investment property you’re entitled to claim depreciation on your building and its fixtures and fittings. Claiming depreciation is a significant taxation benefit, and one which many investors are unaware of. Depreciation is a non-cash deduction – you do not need to spend any money to claim it.

What is property depreciation?

As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a rental & investment property depreciation deduction related to the building and plant and equipment items contained within it. There are more than 1500 items identified by the ATO as depreciable assets.

In order to claim these depreciation deductions, investors are encouraged to enlist a specialist Quantity Surveyor to complete a comprehensive, personalised tax depreciation schedule. A depreciation schedule outlines the deductions available on a specific property for the life of the property and is used by the property investor’s Accountant when preparing a tax return.

Depreciation is an important element of maximising the investment returns from your income generating investment property when you purchase an investment property from the Professionals – Frank Sellars and Company.

Depreciation is the legislative allowance made by the ATO under The Income Tax Assessment Act 1997. It allows investors to claim a tax deduction to offset the decline in value of the buildings and plant as they age while being used to produce the investment income. Annual deductions, depending on the age of the asset, can amount to thousands of dollars which has valuable benefits for your cashflow and for the rate of return on your investment. Very importantly, your asset DOES NOT need to be new to enable you to claim a deduction. However, the amount claimed does require some technical knowledge to be valid in the eyes of the ATO.

Quantity Surveyors are recognised by the ATO as suitably qualified to determine your property’s depreciation entitlements. For an income producing investment asset their fee is tax deductible.


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