News and Articles
Tax Agent Number
Posted on 9 Jun 2011
The introduction of the Tax Agent Services Act 2009 has resulted in Quantity Surveyors requiring registration as Licensed Tax Agents. This legislation came into effect as of March 1, 2010.The Australian Institute of Quantity Surveyors (AIQS) is a "recognised Tax Agent Association", enabling full members of the AIQS who have sufficient experience to gain their registration to become Tax Agents.
Through our extensive working experience and membership with the Australian Institute of Quantity Surveyors, Catalyst Property Services and its registered quantity surveyors are endorsed to be registered tax agents.
How does this benefit you? Through the assurance that all documentation produced for you by one of our Quantity Surveyors will stand up to rigorous auditing by the Australian Taxation Office and will conform with all current taxation rules.
Catalyst Property Services Pty Ltd gained registration as a tax agent on 24th of November 2010 and our agency number is 56226005.
Please do not hesitate to contact us on 1300 725 258 for information relating to the new act.
How We Legitimately Maximise Your Depreciation Deduction
Posted on 2 Jun 2011
Notice to all investment property owners: Did you know that you can claim tax deductions for depreciation on your investment properties. In addition to this it should also be noted that it is not only for newly constructed dwellings, the tax deductions can also be offset on older properties as well.Recent statistics reveal that most property owners do not claim their depreciation entitlement costs against their taxable income and are consequently paying more tax than they should.
To maximize your legitimate claim, it is important to identify all items of Plant and Equipment. This needs to be done via a thorough on-site inspection. In addition to items individual to the property, you are entitled to claim depreciation for Common Area items, such as pool filtration, lifts, tennis courts, gymnasiums and health equipment.
If you are purchasing an investment property and you are looking to renovate or demolish the existing building it is important that you consult a Registered Quantity Surveyor BEFORE you buy the property. Why?, because the tax office rulings on depreciation differ for various procedures and you may find you lose money by acting too soon.
THE MORAL OF THE STORY IS THAT ALL properties contain Depreciation benefits, regardless of their age.
- Physical inspection of your investment property ensures that all depreciable plant and articles are correctly identified and fairly estimated in terms of cost.
- Our extensive and building type variant cost database of historical information on construction costs allows accurate rates to be applied.
- Our fully qualified and registered quantity surveyors have over 20 years experience in the construction and investment market.
- Preparing your Capital Allowances Schedule formerly known as a Tax Depreciation to an easy to read and understandable plain English report manner, enables it to be delivered to your accountant without any fuss.
- Over 200 dedicated staff members located across over 21 offices throughout Australia enables extremely fast turnaround times on your reporting.
Mandatory requirements for sinking fund plans - 3 July 2009
Posted on 4 Aug 2009
Owners of most strata schemes in New South Wales will have to prepare a 10-year sinking fund plan as part of changes to the Strata Schemes Management Act 1996.Fair Trading Minister Virginia Judge said the amendments, which came into place this week, would encourage owners’ corporations to be prudent in building up resources for long term maintenance.
“The NSW Government started with legislative reforms in February 2005 when owners of all new strata schemes were required to develop 10-year sinking fund plans,” she said.
“Almost all strata schemes are now covered by the law. The only strata schemes not obligated to develop sinking fund plans are two-lot strata schemes, where buildings are detached and the owners vote unanimously not to establish a sinking fund.
“By developing a sinking fund plan, owners get a clear picture of what sort of expenditure they may have to face in coming years.”
Ms Judge said the laws were also designed to minimise situations where sudden, one off, levies have to be imposed on lot owners in the event of unexpected costs.
“Owners can choose to pay with smaller regular payments that are less onerous rather than a single large payment,” she said.
“Owners’ corporations can prepare the plan themselves or can have it prepared by independent experts.
“There are businesses that specialise in the preparation of sinking fund estimations, but owners’ corporations are not under any obligation to use external consultants.”
Ms Judge said owners’ corporations should have a 10-year plan in place by their second annual general meeting.
“I urge all owners’ corporations and strata managing agents to be fully aware of their obligations regarding the development of sinking fund plans,” Ms Judge said.
“This is about making sure owners’ corporations are well prepared to meet future maintenance costs.”
http://www.fairtrading.nsw.gov.au/About_us/News_and_events/
Media_releases/2009_media_releases/20090703_mandatory_requirements
_for_sinking_fund_plans.html
Are you paying too much tax?
Posted on 16 Mar 2009
If you’re an investment property owner and haven’t already completed a Tax Depreciation Schedule, chances are, you could be missing out on thousands of dollars worth of tax deductions. Catalyst Property Services facilitates the completion of Tax Depreciation Schedules in an accurate and timely fashion, providing you with the maximum amount of tax deductions with a minimum amount of fuss. Whether you own one, two or twenty investment properties, Catalyst will provide you with a timely and efficient service.What is depreciation? Capital Assets owned and used for producing income, which include Investment Properties are depreciating assets. These types of assets lose value over time. The Australian Tax Office recognises this and the cost of capital assets used in producing your assessable income can be written off over a period of time in the form of tax deductions.
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