Woody Point

1/52 Oxley Avenue Woody Point

07 3283 2277

07 3283 2417

info@weloveredcliffe.com.au

Contact us

Visit

Visit

Visit

Visit

Investment Tips

In addition to claiming tax deductions associated with costs to own and rent your Redcliffe property, there is potential for you to also claim a deduction for a portion of the cost to construct or renovate your Redcliffe property. To do this, you need to engage the services of a quantity surveyor to obtain a ‘tax depreciation’ report.

Provided that the original construction or renovation is not too old (the prescribed date for most residential properties is after September 2005), then a tax depreciation report will calculate the portion of the price you paid to purchase the property, and attribute this to the ‘construction’ of the property.

This can potentially mean thousands of dollars more in tax refunded back to you each year from your Redcliffe rental property, depending on your other income levels and value of the property. In most cases, the cost to obtain such a report is recovered from extra tax refund in the first year the property is rented.

To take advantage of this tax concession, you should consider the age of the property you are proposing to rent, and engage a quantity surveyor that can prepare a tax depreciation report.

Please note this is general advice only and you should consult with a qualified tax consultant to clarify if these provisions suit your circumstances.

Copyright © 2017 Professionals Real Estate  |  Privacy Policy & Disclaimer  |  Made in Melbourne by iProperty