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.
Five things hoteliers should know about depreciation
As owners of a commercial property, hoteliers are entitled to a range of depreciation deductions, however, many hotel owners and operators remain unaware of this tax benefit and thus are missing out on thousands of dollars each year.