Tax Question depreciation on fittings
Hi, I am purchasing a property should i have paid for the air conditioning unit last financial year to claim depreciation against this years income ? rather than this financial year where I will have to wait 12 months before I can claim ? unless I do the 15-15 thing.
Hi,
New A/c unit? It’s my understanding that you claim the depreciation on the previous year. So, buy the A/C now and this time next year claim depreciation.
What’s the 15-15 Thing[?]
Cheers.
Thanks OK thats not my problem. What I want to do is claim it against last financial years income. So I guess I should have bought it last year before June 30 ?
Because it would be new it has not depreciated. So can’t claim anything until next year. As I understand it, even if you had bought the A/C on 29 Jun, you would only be able to claim 1 day worth of depreciation.
Someone please correct me if I’m wrong.
Cheers.
Oh I see. thanx.
Hi Dram,
Your 100% right, depreciation (as far as I’ve been advised), starts from the day of purchase. So if you bought on the 30th, you would only get 1 days depreciation for last year! If you had a maintainance expense on the 30th, it would be fully claimable. Don’t try to claim the A/C as maint exp, cause thats exactly the sort of thing the ATO are cracking down on!Cheers,
Scott S“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
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