The end of this financial year is only days away, and that means it is once again time to get your paperwork in order so you can file your taxes. As someone who purchased their first investment property in the past year, you now have something new to include in your tax return. But before you can start, you are going to need an investment property depreciation schedule. What is it?
Investing in property is a wise financial move that can secure your financial future. Various factors come into play when buying or renting property. One of these factors is property depreciation. As property ages, fixtures and assets wear out and decrease in value. The Australian Tax Office (ATO) allows building owners to claim this wear and tear or depreciation as a deduction against their assessable taxable income. However, to have assets written off as a tax deduction, one must prepare and present a tax depreciation schedule.
Hi, my name is Kerry, and recently, I helped my mum set up her own business. She had always dreamed of buying things at charity shops and auctions and then selling them. However, with her advancing age and mobility issues, traveling to boot sales or flea markets wasn't an option anymore. Luckily, the internet made it easy for her to set up a shop she can run from her home, and I help her get to the charity shops and auctions to stock her online store. However, I have also had to help her with a lot of accounting things. If you are thinking about starting a business or helping a loved one, you need to check out these accounting ideas and tips.