Property depreciation is the process of claiming a tax deduction for the decline in value of assets due to usage overtime. Depreciation deductions can be claimed each year which reduces the Fund’s taxable income.
Claiming Property Depreciation
Trustees can use the services of a quantity surveyor to prepare a property depreciation report. One example of a quantity surveyor company is BMT, which can provide depreciation schedules for a range of investment properties. Their expert team of Quantity Surveyors will arrange a site visit and carry out a detailed inspection of the property and complete a tax depreciation schedule outlining the deductions your SMSF is entitled to. Superannuation Warehouse will then include these deductions as a claim in the SMSF Annual Return.
Here is how BMT Tax Depreciation Schedule can help you save thousands of dollars:
- The Quantity Surveyors service fee can be claimed back in the same year’s tax return if the BMT Tax Depreciation Schedule is done before 30 June.
- Depreciation Schedules are completed in CSV and Excel format for ease of use with accounting software.
- BMT can help your SMSF claim and maximizing deductions, even if the SMSF has not claimed extra depreciation in the previous 2 years’ tax returns.
Frequently Asked Questions
Can my SMSF claim depreciation deductions from previous financial years?
Yes, the ATO allows SMSFs to claim tax depreciation deductions for up to 2 years prior to the current Financial Year.
You can request a quote from BMT for deductions that your Fund may be entitled to claim here.