Posts Tagged ‘Effective Lives’
What you need to know about short term leasing your investment property
I’ll admit that I struggled with an appropriate title as the above one is certainly clunky, but I wanted to share some tips on how to rent your investment property out on a short-term basis, similar to an Airbnb type setup. My pet subject is depreciation, so I’m not going to let you get…
Read MoreWhat you need to know – Tax depreciation effective lives 2018/2019 – TR 2018/4
From the 1st of July 2018, new effective life rulings have been in affect that govern how plant and equipment assets are depreciated. The new ruling is TR 2018/4 and replaces TR 2017/2 (I don’t know how they come up with such whacky names). If you happen to be in any of the following industries,…
Read MoreTax Depreciation Calculators – Is there merit in the estimates?
Google is telling us that more and more people are searching for a ‘tax depreciation calculator’. Admittedly, this search ranked well below the top 2016 result of ‘US Election’ and even a few million short of number 6 ‘Pokemon Go’. Putting the self-deprecating Quantity Surveyor stuff to the side for a moment, searching for an…
Read MoreScrapping Schedules Demystified
Scrapping depreciable assets is a fantastic way to claim deductions as an asset reaches the end of its practical use. Essentially it’s a simple process but we’ve had a number of calls from investors confused by terms like ‘scrapping schedules’. The difference between a depreciation schedule and a scrapping schedule is practically nothing, other than…
Read MoreSuper deductions – Inside the Hilton Hotel Surfers Paradise
We’ve recently had the pleasure of completing some major works for the Hilton Hotel in Surfers Paradise. Locals will no doubt be aware that the Hotel was for sale in 2015. The Gold Coast Bulletin ran the following headline. “GOT $60 million? You could own one of the city’s newest five-star hotels.” The Hilton sale…
Read MoreInside a 2.5 million dollar northern beaches holiday home
There are certain pockets of Australia we find ourselves coming back to alot, and fortunately one of those places is Bynya Road, Palm Beach. We were engaged to prepare a capital allowance & tax depreciation schedule on this stunning holiday home. Estate agent Amethyst McKee described the property as a “charming timber and sandstone home…
Read MoreThe questions we’re asked on a daily basis
Navigating the world of property depreciation can be a daunting task for property investors. Our aim is to simplify the process, eliminate the B.S. and arm investors with the knowledge they need to get the most out of their property. With that in mind, we thought it would be a good time to answer some…
Read MoreATO Tax Depreciation Effective Lives – Depreciation Rates for 2013/2014 under Tax Ruling 2013/2014
*Note – These effective lives are now covered by TR 2019/5. The best up to date list is here https://www.mcgqs.com.au/ato-effective-lives-2019-2020-depreciation-rates.php We’re frequently fielding questions about the specific effective lives for residential property, so we’ve decided to post the current effective lives here. These effective lives are current at the time of posting, and come from…
Read MoreNew effective life legislation from the ATO – TR 2012/2 in effect from 1 July 2012
On the 27th of June 2012, the ATO withdrew the taxation ruling TR 2011/2. This outlined the effective life of all qualifying plant and equipment depreciating assets. The new and excitingly named TR 2012/2 ruling is in effect from the 1st of July 2012 and includes some changes to existing depreciating assets and the addition of some new…
Read MoreAccommodation & Food Services – Asset Lists & Tax Depreciation Deductions
When it comes to plant and equipment assets, few industries have more individual asset types than accommodation and food services. In a residential property, these include bathroom accessories, blinds, carpets, cook-tops, hot water systems, ovens and more. However, in general you’re unlikely to find much more than around 20 plant and equipment assets in any…
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