Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

SMSFs forfeiting ‘tax advantages’ with property

By Staff Reporter · June 22 2015
Reading:
egg
egg
egg

Invest

SMSFs forfeiting ‘tax advantages’ with property

By Staff Reporter
June 22 2015
Reading:
egg
egg
egg

SMSFs forfeiting ‘tax advantages’ with property

author image
By Staff Reporter · June 22 2015
Reading:
egg
egg
egg

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 told nestegg.com.au’s sister publication SMSF Adviser 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.

Advertisement
Advertisement

“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.

SMSFs forfeiting ‘tax advantages’ with property
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.