Howdy all,
My partner and I recently purchased a PPOR, which currently has a tennant with 3mths left on the lease before we can move in.
Obviously, I’m going to claim interest/etc over those 3mths. I was also going to get a depreciation schedule done after the tennant moves out and claim depreciation over that period.
Can I do the schedule retrospectively (ie. after the tenant is gone) and if so, how far after the tenancy ends (assuming there’s a limit)? If I do get one in the future rather than now, can I use it to claim tax on financial years already finished (ie. carry over unclaimed depreciation into the next year)?
bOson,
Yes, the Schedule can be done after the tenant moves out – access is going to be easier if you’re in there rather than dealing with a tenant.
We’d naturally need to know a bit about the property to make sure there is sufficiant depreciation in that 3 months to justify our fee.
You’d claim the depreciation against your 06 income, just as you will your other outgoings e.g. interest payments.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auThe house was built mid 02, and is larger than our IP valued by yourselves at $160k (building only), and comparable build quality. I’ll take a guess and say it will be worthwhile. Mind you, the construction certificate says building cost was $110k, though builders understate these to keep insurance premiums down, dont they?
Sounds like it’s going to be worthwhile. Get in touch when you move back in and we’ll make sure before we do anything.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.aui am of the understanding that a depreciation schedule can be used up to 5 yrs previous from when you have it done….but only offsetting tax deductions relevant to those 5 previous yrs of tax returns…..i have used “depro” quantity surveyors in both W.A andN.S.W….i think they are Australia wide.They do a good job.Their fees seem on a par with other depreciation specialists
Warren,
There have been changes recently that makes it difficult to back date a tax return to the four years that we used to be able to amend them.
Scott from Depreciator knows all the ins and outs if you need advice.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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