Tax depreciation schedules help you correctly deduct the depreciation of property assets over several years. You have the property professionally inspected — you can't do this yourself — and the schedule is then drawn up. There are limited times when you need to get a new schedule, including when you sell or renovate the property. Working with a good tax accountant and depreciation inspection company will give you the best chances of maximising deductions over the years.
If you are a property investor or anyone who owns income-producing property, you may want to hire a quantity surveyor in addition to your regular accountant. Wondering why it might be essential to have both of these professionals in your corner? Take a look at these facts.
1. Deductions on Income-Producing Properties Can Be Valuable
If you own investment properties and certain other types of assets, the Australian Taxation Office allows you to claim a deduction based on the depreciation of that asset.
If you run a small marketing business, you must have public liability insurance to protect your customers and employees from any on-premise injuries to avoid paying out of pocket. If an unwanted incident occurs, public liability can help protect you from going insolvent. Whether you like it or not, something can go wrong. Follow these smart choices to get maximum value from public liability insurance for your marketing business.
Plan Coverage For All Aspects Of Your Business