With the widely reported recent announcement of proposed changes to depreciation available for property investors, PROPERTYOLOGY clients Lee and Linda (a chartered accountant herself) were excited and pleasantly surprised to receive their independent Taxation Depreciation Schedule which revealed that over $110,000 was still claimable on this 49-year-old home.
Whilst we do not recommend investing in property solely for tax benefits, this recently refreshed 3-bedroom, 1-bathroom home is another example of why the saying “you must buy new to obtain depreciation” is not true, even with the proposed changes.
As an added sweetener, Lee and Linda, thanks to Euan’s negotiation tactics, were able to secure this well-presented property for ONLY $275,000. Just like an astute share investor, Lee and Linda are building a diverse portfolio which now consists of three investment properties, situated in three different cities, across three states of Australia. Each of the strategically selected locations provides exposure to a different mix of industry drivers with the economy of this particular location influenced predominantly by Health, Education, Tourism and Agriculture.
With settlement having occurred less than six months ago, Lee and Linda have been diligently working with their finance broker to obtain access to further funds for yet another property which will be in a fourth completely different location again!
We look forward to settlement of your next property in the coming weeks Lee and Linda!