Business
Check it out on Itunes | StitcherOn this brand new episode of Get to the Contest Small Business Podcast, we are pleased to have Mark Wilkins, Managing Director of Capital Claims. We talked about depreciation that guide you through tax deductions on your property investments.Here are some of the key takeaways from our talk with Mark:Always ask the question when it comes to depreciation schedule. It could be worth thousands and thousands of dollars’ worth of tax deductions each year. Be aware and ask the questions to your advisers and accountants.Capital Gains Misconception: Some people believe it is not worth claiming, as I will pay more tax at when I sell. Whilst most depreciation deductions are added to your capital gains on sale – the 50% CGT discounting & other concessions typically means you are a mile in front claiming depreciation along the way. This, plus the additional benefit of the time value of money means you will almost certainly be better off.If you haven't even had a depreciation schedule, it's not too late. Amendment periods, depending on the type of tax payer you are, are typically between two and four years. If you're not sure, ask your accountant. We've had multiple cases where it's been missed earlier. We've been able to do amendments and its money in the bank for the taxpayer.To run a successful business, it's about making sure you've got the systems and procedures all in place. A great team and the right platforms utilising cloud-based technology means you can scale & work from anywhere.Lose your ego. Hire people that are better than you and be authentic. Don't be someone you're not and don't attempt to control everything. Don't be intimidated. This is a lesson for small business owners. Get out there and back yourself because business is all about relationships and if you know your stuff & you're confident, you'll do a great job. You have the right to be competing with the big end of town.