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Muscle up and wrestle your tax back. June 10, 2011
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It's here again, the end of the financial year, a time for collating all of the financial happenings over the past 12 months and thinking about new beginnings from 1st July. Or as is the case for many in the property industry, preparing accounts and reports for share holders, as it is the beginning of the reporting period.
It's at this time every year that we provide an update of the legislative goings on in the accounting area of property depreciation and over the past 12 months there have been a few.
Firstly the much anticipated Green Depreciation Consulting paper was launched, Napier & Blakeley briefed on this paper when it was released in December. The paper provided allowances for "Green" related works that take a building of a 2 star NABERS rating or below to a 4 star NABERS rating or above.
Essentially the scheme outlined was overly complex and did not provide any immediate relief to the tax payer, instead over burdening them with red tape. Submissions were to be provided at the beginning of the year and unsuprisingly the overall weight of submissions did not have anything favourable to say about the proposals. As a result the Government has delayed the scheme until 2012.
Other depreciation news relates to an announcement in this years budget extending the value at which assets may be written of for small business to $5,000. There have also been some minor changes to the classification and effective lives on specific asset categories.
A major change not widely published is the requirement now for all Quantity Surveyors providing tax depreciation schedules including those carrying out inspections to be registered tax agents. Before this recent change there has been no requirement for a Quantity Surveyor to have any formal registration before providing a report of depreciation allowances. The tax practitioners board is yet to agreed the level of education and experience a "Suitably Qualified" individual requires to be engaged in the provision of tax depreciation schedule. Discussions on this subject are ongoing though you should be aware that all individual providers of depreciation schedules should be registered otherwise their reports may not be accepted by the ATO.
Napier & Blakeley's main tax tip for the 2010/11 tax year is to not forget about your capital expenditure. The works that have taken place over the past 12 months can be many and varied whether it's refurbishment of common areas or landlord owner conditributions there's almost certainly oppurtunities to increase the value of depreciation claim for this financial year. All too often though these costs are incorrectly treated, write off's go unclaimed and end up living on your depreciation schedules for all eternity.
Don't miss out on the benefits, contact Napier & Blakeley and let the industries trusted advisors help you to maximise your return this financial year. |
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Is your existing Tax Depreciation Schedule just a Placebo? June 01, 2011
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Though there are not that many changes over the past 12 months that you should be concerned about… or is there?
To find out more, check out Napier & Blakeley's Blog  |
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The Big 1 February 02, 2011
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‘The BIG 1’ is the must-attend event for all tax professionals working in Australia. The biggest names in tax will be speaking at the conference, including Michael D’Ascenzo AO (Commissioner of Taxation, Australian Taxation Office), Richard Warburton AO (Chairman, Board of Taxation) and The Hon Michael Kirby AC CMG. Discussions will include the latest and most critical tax developments that affect Australia on a domestic and international scale.
This two-day conference will present a unique opportunity to hear and discuss the views of these tax luminaries in one of Australia’s premier venues, the Palladium Ballroom, Crown Towers, Melbourne.
The extensive networking opportunities include a Cocktail Function with special guest speaker, Richard Warburton AO, and a Gala Dinner with guest of honour, His Excellency, Dr José Ramos-Horta, The President of East Timor.
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Upcoming Regional Roadshow Announcement February 04, 2010
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David Liddelow and Ben McFall will again be making their way to various NSW regional centres during the months of February, March & April.
They will be conducting free 20-30 minute educational sessions and will equip your staff with an overview of the anticipated trends and latest information in Property Tax Depreciation, covering the benefits and misconceptions, current trends and legislation, and everyday case studies.
They will also introduce our new interactive depreciation website, NBetax, which has been designed to make the lives of property investors and accountants easier.
Last year's regional roadshow was a great success with over 80 training sessions benefitting professionals throughout regional NSW. This year we hope to supersede this with a goal to better educate and improve the knowledge of professionals, and assist in improving cash flow for property ownership.
| Dates |
Locations |
| Feb 8 - 11 |
Albury - Henty - Wagga |
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Dubbo, Forbes, Parkes, Mudgee |
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| Feb 15 - 19 |
Taree |
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Parramatta, Newcastle |
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| March 1 - 4 |
Coffs Harbour, Grafton, Moree, Inverell, Armadale, Moree |
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| March 9 - 12 |
Port Macquarie, Kempsey |
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Batemans Bay |
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| March 15 - 19 |
Tamworth, Gunnedah |
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Orange, Bathurst |
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| March 22 - 26 |
Byron, Ballina, Lismore & Kyogle (TBC) |
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| March 29 - April |
Easter Holiday Break |
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| APRIL |
Nowra & Newcastle |
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If you would like to understand more about Property Tax Depreciation and give your staff an insight into what to expect this year, please book an appointment now by emailing Ben McFall on bmcfall@napierblakeley.com or calling Ben or David Liddelow on 02 9299 1899
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Advice is their business - The Australian October 22, 2009 October 22, 2009
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Its clients include AMP, Dexus, ING, GPT, Gandel, Lend Lease, Westfield, Morgan Stanley, La Salle Investment Management and GIC. But when it comes to property depreciation -- a topic the firm knows a lot about -- Napier & Blakeley consultants believe LPTs are among parts of the market that still don't fully understand, or appreciate, the benefits of depreciation. Read the full article in The Australian |
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