From: Lotana Von Amor
Hi, this is my first posting to the forum,
The question I would like to ask involves a confession. I'd like to confess in having 2 IPs without any depreciation schedules at all. One of them was bought in 1994, used as PPOR for 4 years, then rented out until sold in December 2001. The other one was bought in 1997 as an IP, we still have it.
Now I know much more about property investment and want to get it right. Can I order QS reports for the properties (including the one sold, but I may be able to get access through the current owner) and apply depreciation retrospectively? There is no building amount as both buildings are old.
For example, if the DS report values carpet at say $850 now and depreciation rate using diminishing value method is 15%, may I assume that the value 1 year ago was $1000 etc for a number of prior years and claim the deduction in my next tax return?
If this does not work for the ATO - can anybody suggest another approach?
Thanks,
Hi, this is my first posting to the forum,
The question I would like to ask involves a confession. I'd like to confess in having 2 IPs without any depreciation schedules at all. One of them was bought in 1994, used as PPOR for 4 years, then rented out until sold in December 2001. The other one was bought in 1997 as an IP, we still have it.
Now I know much more about property investment and want to get it right. Can I order QS reports for the properties (including the one sold, but I may be able to get access through the current owner) and apply depreciation retrospectively? There is no building amount as both buildings are old.
For example, if the DS report values carpet at say $850 now and depreciation rate using diminishing value method is 15%, may I assume that the value 1 year ago was $1000 etc for a number of prior years and claim the deduction in my next tax return?
If this does not work for the ATO - can anybody suggest another approach?
Thanks,
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