As we start to think about end of financial year (I know – too soon right?) its time to make sure we are getting the most from our investment.
It amazes me the number of people who are missing out on potentially thousands of dollars in lost investment potential, just through basic miscalculations. Lets have a look at some things you can do to ensure you are getting the most from your investments.
I came across an article in a recent BMT broadcast that got me thinking about what we could be missing out on.
Investing is all about having the right team, investing the right money in the right place and getting the best returns from your investment.
The article states “According to the latest statistics released by the Australian Taxation Office, 2.8 million property investors claimed deductions relating to their rental property in the 2012-2013 income year.”
The problem wasn’t that investors were claiming their deductions but that based on averages uncovered by BMT they are probably under-claiming.
Of these investors the total average depreciation / capital works claim made by property investors was $3,292, in that year.
The article stated that more people were making claims on the previous years, but the averages claimed showed little change.
However, based on data collected from tens of thousands of BMT’s depreciation schedules, the average deductions found within a BMT Tax Depreciation Schedule during the 2012-2013 income year were $9,076 for both plant and equipment and capital works, an increase of $5,784 that investors could be claiming.
An Extra $50 Per Week
So if we take this increase in claimable deductions and multiply it out over a year owners who claimed the correct amount were on average able to get $50 per week back in their pocket.
If you multiply this out over the cost of the loan the amount becomes even more stark.
What Are You Waiting For?
If you have investment property or a considering investment property it is vital you are armed with the best information possible. Appropriate reports, deduction schedules and other information can arm you to get the most of your investment and increase your rate of return.
Talk to Portfolios Property today if you think you could be doing a whole lot better with your investment property/s.
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