logo
spacer
spacer

 eWombat Search 
>
spacer spacer spacer
Latest Accounting News
Hot Issues
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Articles archive
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 2 of 2015
Articles
SMSFs may be missing out on allowable deductions
Change to Early Access Rules
Capital Gains Tax – which year?
Checklist for Employers Year-end
Year-end Tax Planning – Small Business
Year-end Tax Planning – Trusts
Reminders and Tax Strategies for SMSFs pre-year end
Year-end Tax Planning – Individuals
Overtime Payments May Eliminate Claims for Unfair Dismissal
Tips and traps for acquiring SMSF assets from related parties
ACCC issues scam warning
SME Dispute Resolution
Land Tax – Victoria
R&D incentives at risk
ATO adds ‘hot issue’ to its SMSF target list
Additional Super Contributions Not Appropriate for all
Issues arising from an underpaid pension
Salary and Superannuation after the death of an employee
IPA calls for zero pc tax rate
Australian Government - Budget 2015
Budget 2015 - some professional opinions
Looming end to SMSF Borrowings?
ATO warns SMSFs on franking credits scheme
Lump Sum Payments - Employer Reporting
Small business tax cuts 'not enough', says IPA
SMSFs may be missing out on allowable deductions

 

SMSF investors and their professional advisers could be missing out on significant tax advantages by simply being unaware of the deductions they can claim, according to one tax depreciation expert.



       


BMT Tax Depreciation chief executive Bradley Beer said that while many SMSF trustees are taking full advantage of the tax benefits associated with property depreciation, many investors “aren’t doing it properly”.


“A while ago we ran a campaign testing how many people were failing to maximise their depreciation deductions and we found 80 per cent of the respondents needed to improve,” Mr Beer said.


He pointed to several areas where SMSF investors and their advisers are potentially missing out on significant deductions.


“Common or shared areas in unit complexes are often missed. An SMSF may also invest in a commercial property because they run a business from that property and hold it in their SMSF. Sometimes people think because it’s their own property and they’re running a business from that maybe they’re not able to claim deductions but they actually are,” Mr Beer said.


“I’d say the myth that old property doesn’t get it would be the most common. Older property still gets depreciation, it just doesn’t get as much,” he added.


Mr Beer encouraged SMSF investors to have a proper depreciation schedule to ensure they maximise their tax deductions each financial year.


 


 Katarina Taurian and Miranda Brownlee
Tuesday, 23 June 2015 
www.accountantsdaily.com.au




28th-June-2015