If you have a rental property then you’ll want to make sure you’re claiming the maximum benefits to get the best returns on your investment. At Gilberts, our expert team are fully experienced in rental properties and will help you with your Rental Property Statement to get the most out of the tax benefits you’re entitled to.

How We Can Help

There are a number of areas where we can help to get the best results for you and your rental property when it comes to taxation. If you own an investment property you’re entitled to claim depreciation on your building and all the fixtures and fittings associated with it. This is a significant taxation benefit that many investment property owners aren’t aware of and it’s a non-cash deduction.

What is Depreciation?

The Australian Tax Office (ATO) has made provisions for owners of rental properties to claim deductions on rental and investment properties and any equipment items and fixtures inside the building. As buildings and fittings get older and wear out, they drop or depreciate in value so being able to claim on this depreciation is very important for your investment and will save you money.

Depreciation Claims

At Gilberts Accounting we can help you with all your property depreciation claims. The ATO has over 1500 items listed as depreciable assets so it’s important to have an expert who’s fully up to date with all current changes to ATO compliance in these areas.  You will need a qualified quantity surveyor to prepare a comprehensive depreciation schedule outlining all the deductions available for your specific property. Once you have this we’ll be able to use it to get you the maximum benefits when preparing your Rental Property Statement and tax return.

What You Can Claim

Depending on the age and type of investment property you own, you may also be able to claim deductions under Capital Works Allowance. These can include doors and windows, fences, driveways, Bathroom fittings, kitchen fittings and a number of other things. Working out how much you can claim and on what, can be complicated. It’s very important you have all the information required so we can work with you to get best returns on you particular property.

If you want to claim the maximum benefits possible on your rental or investment property let us help you with your Rental Property Statements.