SMSF specialist software provider BGL Corporate Solutions has teamed up with property data firm CoreLogic RP Data to launch the first automated property depreciation facility for the sector.
“From today, BGL clients are able to request depreciation schedules for residential and commercial property through their BGL Simple Fund software,” BGL managing director Ron Lesh said.
“The schedule will flow back into Simple Fund and with a PDF automatically attached to the appropriate fund.”
Lesh said the new service would be of great benefit to SMSF trustees who, according to statistics, had struggled to claim the maximum level of depreciation available associated with the property holdings in their funds.
“The latest ATO statistics show around 17 per cent of SMSF assets are held in property. We also know that over 80 per cent of property investors fail to claim the full amount of depreciation,” he said.
“This new service means our clients’ SMSFs will now always get the maximum allowable depreciation deductions for all properties without the need for tedious manual calculations.”
The new initiative follows other collaborative services between BGL and CoreLogic RP Data, such as residential, commercial and rural property valuations and land title searches.
“Our clients are continuing to benefit from the automation and integration BGL has built with CoreLogic RP Data,” Lesh said.
“These services greatly improve our clients’ SMSF processing efficiency and greatly assist with the preparation of their SMSFs for audit.”
