New online portal makes claiming depreciation more efficient This time of year is particularly hectic for Accountants given the mad rush of clients who want to complete their annual income tax assessments prior to the 31st of October...
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his busy period can be further exacerbated if clients don’t have all of the necessary paperwork in order for their Accountant to lodge their claims. For property investors, one of the documents they require to ensure their claims will be maximised is a tax depreciation schedule. Owners of income producing properties are entitled to claim deductions for the wear and tear which occurs to the building structure and the plant and equipment assets contained. Many investors are unaware of depreciation and the intricate rules which apply. Subsequently, this can lead to them missing out on thousands of dollars or claiming deductions incorrectly if they don’t seek expert advice. Accountants play an important role in helping to educate their clients about the benefits of property depreciation and how to go about maximising their claims. They often also liaise with a specialist Quantity Surveyor on their client’s behalf to help them obtain a comprehensive tax depreciation schedule outlining the deductions available. For Accountants who are Xero users, there is some great news which will help make the process of obtaining a depreciation schedule on behalf of your clients even easier. Recently, BMT Tax Depreciation announced the launch 72 / Issue 12
of a brand new online portal called MyBMT. By registering to MyBMT, users will have access to manage the intricate process of arranging a tax depreciation schedule online in one central location. What’s more, registration for MyBMT is completely free. To sign up, all Accountants or property investors need to do is visit mybmt.bmtqs. com.au. For Accountants who are excited by the concept of MyBMT and who would like to learn more about how they can use the portal in their day to day operations, below is a quick overview. Accountants registered to MyBMT can: • Obtain a depreciation estimate for an investment property on behalf of their client • Request a BMT Tax Depreciation Schedule for any investment property • Follow the progress of a schedule’s completion • View previously completed BMT Depreciation Schedules • Request an existing BMT Depreciation Schedule to be updated so it remains current for the owner • Tailor a schedule to suit the owners needs • Add or remove assets • Add files such as invoices, receipts, photos and documents • View selected financial year
@BMT_Tax_Dep
Bradley Beer B. Con. Mgt, AAIQS, MRICS, AVAA, Chief Executive Officer, BMT Tax Depreciation Bradley joined BMT in 1998 and as such he has substantial knowledge about property investment, supported by expertise in property depreciation and the construction industry. Bradley is a regular keynote speaker and presenter covering depreciation services on television, radio, at conferences and exhibitions Australia-wide.
summaries • Access completed BMT Depreciation Schedules in a variety of formats including CSV and Excel or manually importing schedules into Xero Software for current or previous financial years Once a user has registered and logged into MyBMT, several menu options are available. The properties menu allows users to see any existing depreciation schedules linked to their contact information, to link depreciation schedules for properties not shown and to order a new depreciation schedule. By clicking on each property users can upload photos, files and invoices; see the status of their depreciation schedule; view, add or edit information regarding the property such as the purchase price or settlement date and add contact details for members of their investment team such as the Property Manager or Accountant. The ownership tile allows users to advise additional information regarding the ownership of the property. This is important, as often investors purchase an investment property with another party. BMT can provide a split depreciation report which will calculate deductions based on each owner’s percentage of ownership for each asset. For those who require a split
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