INFORMATION FOR DEVELOPERS
1. Capital Works Deductions
Under the Income Tax Assessment Act a notice must be given to the purchaser containing the information necessary for the purchaser to calculate their entitlement to capital works deductions under Division 43 of the Act. This information should include the construction cost, the date from when capital works deductions commenced and the rate at which the deduction can be claimed.
This notice should be given by the vendor within six months after the end of the year of income in which settlement occurred.
A Tax Depreciation Schedule prepared by M C Mars will satisfy this legislative requirement and discounts will apply for bulk orders.
2. Depreciation Estimates
M C Mars can prepare depreciation estimates to assist developers in marketing their properties. A one page summary will highlight the total deductions which the purchaser may expect to claim. It is important to note that these estimates are only to be used for indicative purposes and a fully detailed Tax Depreciation Schedule should be obtained by the purchaser to comply with the requirements of the ATO.
3. Strata Developments
M C Mars can prepare Sinking Fund Budgets, Lot Entitlement calculations and provide other Body Corporate related services.