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Fraser is the Director of Preston Rowe Paterson and has called Broome home since 2015. If you are a property investor Fraser can certainly help improve your bottom line on an annual basis.
Ensuring you maximise the entitlements available to you for your investment property, under The Income Tax Assessment Act of 1997 is where Fraser can help. A Preston Rowe Paterson Tax Depreciation Schedule is designed to be user friendly for your accountant/tax agent, who will be seeking facts as to the amount of depreciation that is attributable to the different components of your income producing property.
All Preston Rowe Paterson’s depreciation schedules are certified by an independent fully qualified Quantity Surveyor who is also a registered Tax Agent. Fraser commented, "often understanding if your property is eligible and what is required can be a stumbling block for some of our clients. Anticipating a claim has specific guidelines about the eligibility of the various components as well as different regulations for Residential and Commercial properties."
Do you own a strata property?
In most strata subdivisions there will be an element of common property that is managed by the Strata Corporation. If you own a strata unit you will most likely have a liability to, or benefit from, that common property. This liability/entitlement will be noted on your Certificate of Title. In many cases this may simply be a paved area.
Where the development is more complex, as is often the case in larger unit or apartment complexes, there may be structural improvements or items of plant such as; entrance foyers, carparks, swimming pools etc. Preston Rowe Paterson collate and analyse these items and provide you with the costs according to your unit entitlement. These items are reported separately in your Tax Depreciation Schedule.
Interested to know more?
If you would like to discuss the costs associated with arranging a Tax Depreciation Schedule and the potential benefits to your overall income, Fraser offers an all year round local service. Fraser McPhail can be contacted directly on mobile 0439 970 755 or email [email protected]