All Topics / Help Needed! / claiming depreciation before June 30

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  • Profile photo of learning curve2learning curve2
    Member
    @learning-curve2
    Join Date: 2006
    Post Count: 36
    June 1, 2008 - 10:33 pm

    hi 

    i was reading the sunday papers yesterday and there was an article about what landlords can do to minimise tax this year. now i don’t know if i am reading this wrong but a section said ‘make sure you claim depreciation on your investment property before June 30’.
    does this mean i have to do something before june 30 or do it all when i do my tax?
    i’m all a bit new to this
    thanks heaps
    Profile photo of andymitchellandymitchell
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    @andymitchell
    Join Date: 2005
    Post Count: 67
    June 1, 2008 - 10:46 pm

    I second this – the article confused me…surely we just claim depreciation when we file our tax returns, as we have done previously…unless the new budget threw a change into the works..??

    Profile photo of Michael 888Michael 888
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    @michael-888
    Join Date: 2005
    Post Count: 260
    June 2, 2008 - 1:08 am

    Maybe they meant that the actual depreciation  schedule (and report) needs to be completed by the quanity surveyor by June 30. As I understand it, you can claim the past four years worth of depreciation (as long as you have owned the property during this period) retrospectively.

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