All Topics / Finance / Depreciation schedule?

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  • Profile photo of morgan1morgan1
    Member
    @morgan1
    Join Date: 2009
    Post Count: 21

    Hi everyone,
    wondering if anyone can advise on whether it would be worthwhile for us to have a depreciation schedule (think that's what they're called?) done on our investments.  We've gone on a bit of a buying frenzy lately and because of our weird income (most of which isn't taxable,) we don't pay much tax and our negative gearing is actually more than we pay, meaning we get very little of the loss back.  Given this, is there any point having more 'paper deductions' that we can't actually claim on anyway?  Somebody told me the deductions/negative gering that you can't access because you didn't pay enough tax can accumulate until you have a year when you do pay a lot of tax?  Can anyone tell me if that's true (sounds too good to be true…..)
    Thanks for any advise.

    Cheers,
    Sheree

    Profile photo of LalibellaLalibella
    Participant
    @lalibella
    Join Date: 2007
    Post Count: 116

    Sure can, you can back date your depreciations for several years. (3-4) I think? We did a couple of years ago and it was a nice surprise. I spent it on a case of Bundy, then I wasted some. You can pay for the Depreciation schedule for each house- $400 ish  though your accountant person can advise you to or when to submit it with the Grandfather clause in mind. Good luck. :)

    Profile photo of Property ReturnsProperty Returns
    Member
    @property-returns
    Join Date: 2009
    Post Count: 8

    You can claim back 4 years…

    Liam Hannah
    Quantity Surveyor
    visit http://www.propertyreturns.com.au
    special $299 fully inspected

    Profile photo of ShwingShwing
    Participant
    @shwing
    Join Date: 2005
    Post Count: 219

    Sheree

    I don't think that the above responses answered what you were actually asked.
    You don't want to backdate depreciation , so much as transfer losses to future years.

    I'm pretty sure that you can carry forward income losses to future years, until the loss is exhausted, similar to that of a Capital Loss.

    If you had income that was taxed (PAYG) say $1000 during the year. But your investments after expenses caused you to have a loss of $5000.
    You would receive the tax refund for the $1000 and carry forward to the next year a $5000 income loss. There are some deductions that cannot be carried forward as a tax loss (such as personal super contributions and some donations). But I think that all expenses from investment can be, including depreciation.

     Not everything that seems to good to be true, actually is. Check with you accountant. 

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