Depreciation question

[gad]

G'day
Just a quick question.
I bought a 1975 built unit in January 2002 & did some minor renovations.
I claimed no depreciation in my 2001-2002 tax return.
Now, in April 2003 while having a QS do a depreciation schedule on another property, I also got him to do one on the pre 1975 built unit.
My question is, in this years tax return, in regard to the pre 1975 built unit, can I claim all the depreciation from the time I purchased in Jan 2002 up until the end of this financial year or only the 1 full year of depreciation (2002-2003 fin.year).
Thanks

 

[mross]

My understanding is that you must use a notional written down value as at 30 June 2002 as the basis for calculating depreciation in the current financial year.

Unless you review the 2001/2002 tax return and amend it you will lose the depreciation for the 6 months up to 30 June 2002. Your QS will probably provide you with a schedule outlining depreciation from the date of purchase, so be careful to use the correct opening values this year.

Your accountant will obviously advise you on this

Michael

 

[DaleGG]

Hi

You will have to lodge an amended income tax return for 2002 in order to claim that depreciation.

Dale

ps - sorry abt the edit message, I hit the wrong button . . .

Originally posted by gad
G'day
Just a quick question.
I bought a 1975 built unit in January 2002 & did some minor renovations.
I claimed no depreciation in my 2001-2002 tax return.
Now, in April 2003 while having a QS do a depreciation schedule on another property, I also got him to do one on the pre 1975 built unit.
My question is, in this years tax return, in regard to the pre 1975 built unit, can I claim all the depreciation from the time I purchased in Jan 2002 up until the end of this financial year or only the 1 full year of depreciation (2002-2003 fin.year).
Thanks

 

[gad]

Thanks dale,
very much appreciated.

 

[gad]

Sorry Michael,
Thank you as well. Somehow I'd skipped your reply.