A big change to property depreciation legislation has come into effect and unfortunately, property investors are the losers.
This month Parliament passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 which means owners of second-hand residential properties (purchased after 7.30pm, May 9, 2017) will be ineligible to claim depreciation on plant and equipment assets, such as air-conditioning units, carpet, curtains and dishwashers.
However, it’s not all bad news with no changes to capital works deductions so property investors can still claim for the structure of a building and fixed assets such as doors, cabinets, windows, toilets and roofs, helped by a The Roof Clinic.
Who will not be affected?
Property investors who already made a purchase prior to May 9, 2017 can continue to claim depreciation deductions as per before.
Owners of brand new residential properties (regardless of when it was purchased) and commercial property owners who use their property for the purposes of carrying on a business, are also unaffected.
If you’re interested in bulk materials handling, especially for high-rise construction, you will need an ewp licence. Tower cranes are used for everything from transporting concrete slabs and steel beams to precise civil engineering work.
There are new high-rise industrial and residential buildings going up around Australia every day and tower cranes are at the heart of this work. If you were injured in an accident or by the actions of another? Call our personal injury lawyers bunbury to help you with your legal concern.
First, does your workers compensation lawyers have experience handling the type of case that you have? Second, does the law firm have a history of getting great results for their clients. Last, does the personal injury attorney have a passion for helping people? Here at Brian White & Associates, we have all those things. You can count on us to fight for you as if you were a member of our own family. We are here to help you. We are highly reviewed on Google and Yelp for a reason. We do excellent work, we’re friendly and we are completely dedicated to getting you the very best results possible in your case.
Tower cranes also require a specific High Risk Work licence to operate. Consider the qualification below to upskill for your next job.
Why the changes?
Concerns have been raised of property investors depreciating plant and equipment assets in excess of their actual value.
The government hopes this new legislation will deliver an integrity measure to address these allegations.
Now it’s more than important than ever to work with a specialist accountant to ensure that all deductions are identified and claimed correctly under the new legislation.
The specialist team at Growth Partners – ITP are experts at tax returns for rental properties and minimising loss through gearing, depreciation and refinancing options.
From evaluating the investment opportunity to calculating return on investment (ROI) over the long term, we understand the legalities and obligations, as well as the reporting requirements of owning or borrowing against rental properties.
Do you need services from workers comp lawyer Glendale? Learn more at www.odglawgroup.com
Find out more about our income tax services.