BMT Tax Depreciation have advised that boutique hotel investors may be eligible for thousands of dollars in property depreciation deductions, a non-cash deduction, meaning hoteliers don’t need to spend any money in order to claim it.
Hotel market prime for new development, owners reminded of significant depreciation benefits - BMT Tax Depreciation
Things are looking positive for the Australian hotel market in 2019, although this may not be obvious from performance statistics from the past financial year.
Many hoteliers are unaware that their swimming pool holds thousands of dollars of depreciation value that can be tapped into with the help of a Quantity Surveyor such as BMT Tax Depreciation.
See the deductions available in a hotel restaurant
Many customers judge a hotel by its restaurant, so it can only be expected that hoteliers put a lot of resources into making their restaurants fit for an unforgettable dining experience - Fortunately for hoteliers, many of the fit-out costs can be recouped through depreciation deductions.
See the deductions available in a hotel lobby - BMT Tax Depreciation
Hoteliers are entitled to claim deductions in the form of depreciation for many of the assets installed during the fit-out of a property, including those commonly found in hotel lobbies.
See the depreciation deductions available in a hotel room
Depreciation is one of the most commonly overlooked tax deductions by property investors and research suggests that around 80 per cent of hotel owners fail to maximise the deductions available to them and are therefore missing out on thousands of dollars.
Getting your tax return in order can be a confusing task at the best of times, but when you’re a hotel owner, investor or operator, it can be even more complex when you factor in all the deductions you’re entitled to for your hotel.
One of the main reasons hotel owners fail to take advantage of depreciation deductions is because they believe their hotel is too old to warrant making a claim, a myth seeing hotel owners lose out on thousands of dollars each year which needs to be dispelled.
