21 Nov Multiple owners increase depreciation claims
Split reports help accelerate deductions
An increase in BMT Tax Depreciation Schedules for more than one owner suggests
co-ownership is becoming an increasingly popular trend.
Owning a property with others can provide improved purchasing power. This can be particularly useful in capital cities where it can be difficult to break into the property market.
It can also balance out the expenses of owning an investment property including ongoing repairs, maintenance and fees. Additionally, co-ownership can provide improved depreciation deductions, allowing more items to be depreciated at a higher rate. This is where a BMT Tax Depreciation split report can assist.
How does a split report work?
A split report calculates depreciation deductions based on each owner’s percentage of ownership for each asset. This involves splitting the value of the assets based upon each owner’s interest in the assets before applying depreciation rules.
BMT’s split reports simplify the process for both investors and Accountants and allows owners to receive a maximised return on their investment. Each split report can be provided in CSV format for easy importing into accounting software.
There is an option for owners who prefer a depreciation schedule without any split applied should this be required.
Visit www.bmtqs.com.au/co-ownership-example to see how a split report increases deductions for two owners.
Article provided by BMT Tax Depreciation.
Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation.
Bradley joined BMT in 1998 and as such he has substantial knowledge about property investment supported by expertise in property depreciation and the construction industry.
Bradley is a regular keynote speaker and presenter covering depreciation services on television, radio, at conferences and exhibitions Australia-wide. Please contact 1300 728 726 or visit www.bmtqs.com.au