Hi,
I got a detail question about depreciation calculation for tax return.
Say, I bought a property & it settled on 18th of October 2013.
I asked QS to calculate the depreciation and it turns out:
Year 1: $3000,
Year2: $2500,
Year3: $2000, and so on.
18-Oct-2013 to 30-June-2014 = 255 days.
So, during 2013/2014 tax return, the calculation of the depreciation that I can claim would be:
$3000 x 255/365 = $2095.89.
For 2014/2015 tax return, the depreciation that I can claim is $2500.
Is this correct?
Thanks.
I got a detail question about depreciation calculation for tax return.
Say, I bought a property & it settled on 18th of October 2013.
I asked QS to calculate the depreciation and it turns out:
Year 1: $3000,
Year2: $2500,
Year3: $2000, and so on.
18-Oct-2013 to 30-June-2014 = 255 days.
So, during 2013/2014 tax return, the calculation of the depreciation that I can claim would be:
$3000 x 255/365 = $2095.89.
For 2014/2015 tax return, the depreciation that I can claim is $2500.
Is this correct?
Thanks.