9 Unusual Tax Breaks for Investors

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

Investors with garden gnomes and barbecues may be able to claim more than $1500 in extra cash flow at tax time, according to a quantity surveying firm.

Buildings and their fixtures and fittings lose value over time as they age and are subject to wear and tear. This decreasing value is considered as an investment loss by the ATO and is offset against an investor’s taxable income.

In fact, it’s not just what’s inside the home that can give property investors a boost. Backyard fencing, clotheslines, sheds and in-ground swimming pools can offer a substantial sum on a depreciation schedule, BMT Tax Depreciation chief executive Brad Beer said.

“One of the most valuable outdoor assets is the in-ground pool, as it can attract a first year tax deduction of up to $1375 as well as the possibility of additional deductions of around $583 for associated filtration and chlorination systems,” he said.

Outdoor barbecues can attract deductions in the first year of $1478, while outdoor furniture and solar lights are estimated at $800 and $250 respectively. A wheelie bin can also qualify as an immediate $300 write-off.

“Items valued less than $300 can be written off now, while assets which have an opening value less than $1000 in the year of acquisition can be added to a low-value pool,” Mr Beer said.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0400) 302-171.

Thanks,

Sam Saggers