Are you looking for tax tips to save you money as the end of the financial year looms? You’d be well advised to take a good look at your depreciation allowances to make sure you’re claiming your full entitlements. You may be able to cut thousands from your tax bill, and even turn a negatively geared property into one that actually puts cash in your back pocket.
“Research shows that 80% of Property Investors are failing to take full advantage of property depreciation and are missing out on thousands of dollars in their pockets,” said BMT Tax Depreciation director Bradley Beer, who added that depreciation is often missed because it is a non-cash deduction – i.e. the Investor does not need to spend money to claim it.