For business owners, paying taxes is a task that many do not look forward to doing. However, there are benefits when taking advantage of tax depreciation for commercial property on the Sunshine Coast that you can enjoy. Many business owners may not be aware of everything they can legally deduct. This in turn means keeping more money in your pocket. Everything starts with your commercial property when it comes to tax depreciation. It helps to have a complete ATO certified schedule to help you obtain the maximum benefits allowed. Please see our Quantity Surveyor Frequent Questions.
You can claim tax depreciation under one of two divisions, Capital Works and Plant & Equipment. Capital Works is the structure of the building, the fixed assets that includes the brick and mortar. While Plant & Equipment are the items that can be removed from the property with ease.
Depreciation on Capital Works can be claimed if the building began construction after 20 July 1982. It is possible to get deductions if the building commenced construction prior to that date, but you will need to find out. It is also possible if you purchased the property to claim tax depreciation when it was not claimed before. Complete a claim on Commercial Property: SHOPS, SHEDS and OFFICES.
If you are a property owner, you can claim deductions if your property is leased or on the market for leasing purposes. This can be quite advantageous for property owners who have suffered through the COVID-19 pandemic and seen prospective leasing opportunities drop. Keep in mind that this only applies to commercial properties, not residential properties.
If you run a business or are a commercial property owner that has an aggregated turnover which reaches up to A$5 billion, then you are eligible to claim temporary full expensing. If you purchased plant and equipment assets starting on 6 October 2020, then you can write off the asset cost as a tax deduction. This is good until 1 July 2023.
These are just some of the tax deductions that you may claim. It is best to consult with the Quantity Surveyors Sunshine Coast who can provide you with expert advice on different property types. This includes commercial, residential, rural, and agri-business. The type of property you own will determine the deductions that you are qualified to receive.
Do not underestimate the value of having a tax depreciation schedule prepared just for your business. It will highlight what areas of your property and equipment that you qualify to receive a tax depreciation. Too many business owners overlook these simple deductions which wind up costing them thousands of dollars every year.
By having a tax depreciation schedule created and with the right professionals by your site, you can see with clarity what can and cannot be deducted from you business taxes.
The tax depreciation benefits for Sunshine Coast business owners are considerable. Especially when change are made to commercial properties, the value of equipment is evaluated, and other benefits that can help make tax day easier on your pocketbook.
Sunshine Coast commercial property owners and managers should be aware of all of the tax depreciation they may claim. Contact Bobby. Bobby has a wealth of knowledge in this area.
For Property Depreciation and Tax Allowances on investment properties please complete the information worksheet relevant to your property type. Submit online or print and fax.
Our fees are tax deductible as an expense and a receipt is included with your report.