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NBtax Tax Depreciation Schedules | Licenced Tax Agents & Quantity Surveyors

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Bayside Living Brings Hefty Depreciation Benefits for Investors

Since the pandemic, Southeast Queensland has seen a huge influx of interstate migrants. Many are looking to buy or invest in sought after areas in Brisbane’s Bayside suburbs.

Our savvy investors, Jim and Gen, tapped into this growing trend and purchased an apartment in a newly built boutique development in September 2021. Known as the Lane Residences, the complex is ideally located close to the heart of Wynnum, and a short stroll to the Bayside's popular dining and shopping precincts, and stunning Manly Harbour. 

The property is available for lease at $575 per week. Depreciation allowances and other rental deductions will help our clients offset rental income and reduce their taxes.  

Our Property Tax team inspected the property and found a total of $17,794 in eligible depreciation deductions for the Building (Division 43), and Plant & Equipment Assets (Division 40), during the first full financial year. They calculated a further $332,552 in deductions available to be claimed by our clients over the next 40 years. 

The cost of the two-bedroom apartment includes a common share of a rooftop barbeque with entertainment area, plus a secure basement carpark with lift access. These assets are included in our depreciation assessment. 

Other assets included in our calculations are:

  • Air conditioning units
  • Carpets
  • Floating timber floors
  • Hot water installation 
  • Kitchen equipment – dishwashers, exhaust, range hoods, ovens, stoves
  • Drying equipment 
  • Door closers
  • Ceiling fans 
  • Outdoor and indoor free-standing furniture, plus barbeque 
  • Vehicle control equipment /gates controls and motors
  • Electric lift
  • Fire control and alarm systems
  • Ventilation fans

This is an extensive list of eligible deductions that will enable Jim and Gen to maximise their return for their investment. 

If you’re looking at investing in properties, remember to consider the benefits of depreciation allowances in your buying decision. 

To organise your depreciation schedule, contact our Property Tax team.