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
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