- AnthonyBParticipant@anthonybJoin Date: 2012Post Count: 18
Did you know that as an Australian property investor with properties abroad you could be missing out on thousands of dollars each financial year?
If you are declaring the rental income from your overseas property here in Australia then you are entitled to claim depreciation. Currently, 80% of Australian investors don't claim any or enough depreciation on their own Australian-based investments let alone properties abroad. Many investment property owners are losing tax credits by failing to take full advantage of their overseas property's tax depreciation potential.
What is Tax Depreciation?
As a building gets older, items wear out – they depreciate. The Australian Taxation Office (ATO) allows property owners to claim a deduction related to the building and fixtues & fittings contained within it. Property tax depreciation is available to any Australian property owner who obtains assessable income by way of rent, anywhere in the world.
– Investors can claim depreciation on any new or old investment property.
– You can adjust previous tax returns by up to 2 years to recoup missed deductions.casperamParticipant@casperamJoin Date: 2012Post Count: 5
Can us citizens claim depreciation on their own IP’s.
If they can cant who do we get to compile a depreciation reportAnthonyBParticipant@anthonybJoin Date: 2012Post Count: 18mattstaParticipant@mattstaJoin Date: 2011Post Count: 604
hey Anthony B,
Thanks for the tip. I guess sometimes property investors in Australia seem to get confused or overlook the fact of certain tax advantages and strategies they have with their overseas properties.DHCPMember@dhcpJoin Date: 2010Post Count: 190
Simply talk to your tax accoutant and you'll get all your answers about Depr.casperamParticipant@casperamJoin Date: 2012Post Count: 5
A bit late in getting back to this one
Can anybody offer recommendations for compiling Depreciation reports in Atlanta GA and the probable costs incurredMenunesMember@menunesJoin Date: 2012Post Count: 28
We have a property in Portugal we are about to start renting out. Previously it has just been our private house for when we visit family.
To now turn it into a claimable investment, will it just be a matter of claiming income & expense, or is there some other notification we need to do?washingtonbrownParticipant@washingtonbrownJoin Date: 2006Post Count: 44
Sure did know that
We get around these days!