Depreciation Calculation

Hi, I hope someone can help me with this very basic question. I have done a search but have not been able to find any definate answer.

I purchased a 15 year old unit last financial year, but did not bother to get a depreciation schedule done. I have since got one done and now wish to put in an amended tax return for 2003/2004. The amount of depreciation I can claim is roughly $1000.00 each year, less for the first year as I did not own the unit for the whole year. So my question is, if I put in an amended tax return can I expect 100% of 2004's amount back from ATO or only 30%? How do I calculate what I might expect to receive?

Thanks in anticipation

Nat :)
 
The additional refund would then depend on your taxable income.

First we need to know your taxable income to work out your tax rate.

Taxable income Tax rate
$1-$6,000 Nil
$6,001-$ 21,600 17%
$21,601-$ 52,000 30%
$52,001-$ 62,500 42%
$62,501 and over 47%

http://www.ato.gov.au/print.asp?doc=/content/34646.htm

Next we need to know the amount of depreciation.

Lets say your depreciation for last year was calculated to be a claim of $600 and you had a taxable income of $35,000. You would get back $189 ($600 x .315 (30% tax + 1.5% medicare levy)).

Now thats a very simple calculation and it may not be that simple for everyone but it should give you an idea of what you may get back.
 
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