Episode #75 Why Tax Depreciation Matters

Podcast Episode #75: Why Tax Depreciation Matters

With Tyron Hyde

Intro:

Welcome to our next edition of the Propertybuyer Podcast.

 

• End of financial year coming
• Death and tax are two certainties in life – you can’t avoid death but you can minimise your tax.

Today you're in for a treat with a tax depreciation expert Tyron Hyde CEO of Washington Brown.

 

Our Thought of the Week:

 

“ Life is what happens to you while you’re busy making other plans”. –John Lennon

Podcast with Tyron Hyde, CEO, Washington Brown

Topic: Why Property Tax Depreciation Matters

 

Questions we will cover in todays episode:

1. In really simple terms – please explain for our listeners - what is property tax depreciation? How does it work?
2. Why is it important to claim the right amount of tax depreciation? What is the consequence of NOT claiming it?
3. How do you work our various depreciation rates? Does the ATO have prescribed list of all dishwashers and ovens for example?
4. What items attract the highest rates of depreciation?
5. What has changed with depreciation deductions over the past 5 years?  
6. Is it likely the Government will continue to amend depreciation rates in the future?
7. Can you still claim depreciation on an older established property?
8. Can you estimate when renovations were undertaken? How do you do that?
9. We are now in the middle of the year and its Tax time – what are some common tax mistakes you see investors make with their claims?
10. Old vs new property investment…When considering buying an investment property – how much important should an investor place on depreciation? Is depreciation an important criteria, or a nice to have factor?
11. Tell me a bit more about your investment strategies and philosophies?  Are you an active property investor yourself?  What motivated you to get started with property investing?  
12. How do you go about deciding where to invest? Do you have specific location criteria?
13. What about deciding on a property type for investing. What is your property selection method or criteria?
14. Have your property investment strategies evolved over time? What do you look for?
15. What does it cost the average investor for a properly prepared tax depreciation report? Would you recommend a QS prepare a depreciation schedule or just having your accountant estimate the deductions?
16. How have you made such a great business out of a topic that people find quite boring?
17. Can you share the best piece of investment advice you’ve ever received?