Depreciation portal launched for tax time

BMT Tax Depreciation has launched a free new online portal, MyBMT, which will assist accountants in ensuring that their investor clients are maximising the depreciation deductions available to them.

“MyBMT allows registered users to manage the intricacies relating to tax and investment properties in one central location,” said Bradley Beer, the CEO of BMT Tax Depreciation.

“Both investors and their nominated accountants can view depreciation schedule summaries for two depreciation methods, access the portal to follow the process of a schedule’s completion, request to update an existing schedule so it remains current and add or remove assets if an owner is making changes to their property. They can also request a quote and order a new depreciation schedule.”

The portal also looks to offer a way for accountants to communicate information about an investor’s depreciation schedule immediately.

“Using MyBMT, registered users can upload invoices, receipts, photos and documents related to the property and provide access for their investment team including their accountant to view these files,” Mr Beer said.

“Accountants can also access their client’s completed tax depreciation schedules in CSV and Excel formats, which makes processing of claims more efficient.”

Earlier this year, Mr Beer detailed five key mistakes that investors commonly make when completing their tax depreciation claims, which the portal should help to eliminate.