Does anyone know whether you can claim depreciation on a NZ property on your tax return in Australia?
This would include both building and chattels.
Thanks
FlyHigh [cap]
From my understanding FlyHigh, at tax time you are required to put in 2 separate returns, one for your OZ related income, and one for your NZ related ones. Without being a tax expert, I’d say that probably seems the most logical (and legitimate) way of doing things.
Cheers, [biggrin]
Jo
I would be very interested in the replies to this question. With the positive cashflows from NZ related income, often – without the ability to depreciate – we can find ourselves in a tax paying situation in Australia.
I believe it is quite legit claim.
Could someone knowledgeable also comment on whether an Austalian tax agent can calculate the chattels depreciation schedule from a NZ valuation report which lists the combined estimate of the chattels without itemisation, and if so – at what rate is can it be treated here.
Regards.
Scorpio.
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