Capital Allowance simply refers to the deductions claimable for the decline in value of depreciating assets. For you as a property investor, it means the deductions you can claim as an expense, for the ageing, wear and tear of your investment property. The best way for you to claim for Capital Allowance is to obtain a Capital Allowance and Tax Depreciation Schedule from a qualified, professional Quantity Surveyor, that holds registration as a Tax Agent with the Australian Taxation Practitioners Board.
Capital Allowance is often referred to in general terms within the property industry as Tax Depreciation. A tax deduction claimable for the decline in value (depreciation) of capital assets, such as your investment property.
If you own an investment property, the best way to ensure your depreciation deductions have been maximised is to use a depreciation schedule prepared by Capital Claims Tax Depreciation. For an estimate of deductions you may be entitled to, or to have your current depreciation schedule reviewed free of charge, please don’t hesitate to get in touch.