That’s a Wrap for Property Tax in 2019
2019 has seen many highs and lows for the property market resulting in uncertainty for investors. The Federal election held in May saw a large focus on property issues with fears of adverse changes to the property tax legislation impacting investment properties. Since then, the market has improved with a renewed interest powered by moderate increases in house prices in capital cities. Although, the Australian Tax Office made 32 changes to the Effective Life of Asset Division 40. From 1st July 2019, some assets such as carpets would be depreciated over fewer years. While, other new assets were added to the list thereby increasing the items eligible to be claimed as capital allowances. Overall, investors with a long-term property strategy continued to enjoy good rental returns and were able to maximise their depreciation allowances to offset rental income.
Projects Overview
NBtax was pleased to be involved with several high profile depreciation projects including No. 1, 883 and 889 Collins Street, Melbourne, the Emporium Hotel South Bank Apartments, Brisbane, and the New Life Ultimo Apartments, Sydney. Throughout the year, our team of Quantity Surveyors and Property Tax analysts prepared thousands of comprehensive and quality depreciation reports which delivered valuable savings for our clients including many with boutique developments, townhouses and single dwelling properties. Although we were the first company to provide depreciation schedules in 1985. In April, NBtax celebrated four years since our residential tax brand was launched.
Community Involvement
Nationally, our company participated in several Property Industry Foundation activities and local charity events raising hundreds of thousands in funds for disadvantaged people within our community. Through our work on various committees run by the Property Council of Australia, we actively helped our industry nurture the next generation of property professionals and improve diversity.
2020 is expected to see continuing improvements in the property market. Our team looks forward to working with investors, developers, accountants and other property professionals to support and educate our industry and the wider community.
On behalf of the NBtax by Napier & Blakeley team, we thank you for your ongoing support and wish everyone a happy and safe holiday season with your families.
Our office closes at 5pm Friday 20th December and reopens at 9am Wednesday 8th January.
You are welcome to order your depreciation report online during this time. Please be assured we will attend to it promptly on our return in January 2020.