1.6 million Investors file depreciation claims annually, according to the Australian Taxation Office. Questions regarding the legitimacy of these claims have surfaced as a survey from Washington Brown revealed that 1 out of 3 firms are unauthorized and unlicensed. Anyone who owns an investment property is eligible for depreciation claims for wear and tear of their properties.
Under the Tax Agents Services Act 2009 (TASA), property depreciation services should only be done with registered and authorized tax agents. Most of these illegal representatives offer depreciation services to aid their clients claim.
Property investors are strongly encouraged to check the legality of their agents’ transactions. Investors should ask for their tax agent number when transacting, and to ensure that these numbers are reflecting on the depreciation claim report.
Read more about this on the Smart Property Investment website.