Property: Time for tax depreciation assessments?

WITH the upsurge in rural property activity over the past year or so, the question has been posed: How many of the successful purchasers have fully maximised the opportunity on their acquisition by undertaking formal tax depreciation assessments, in essence picking up the unspent depreciation from the previous owners? Tim Lane Herron Todd White national director for rural valuation, Tim Lane, says landholders should know a few key points about these assessments. “Firstly, to comply with tax law, they can only be completed by a quantity surveyor who is also a registered tax agent,” Mr Lane said. “They cover basically…

Source: Beef Central
Property: Time for tax depreciation assessments?