Depreciation

[burty85]

Just got my first depreciation schedule done up my on PPOR which we are turning into a IP next month.

Just wanting to know if the total amount for each year is paid to us in full or do you only get to claim a % of it depending on my tax rate?

Also do i have to wait till the end of the yr to claim ( for the depreciation ) or can i get the ATO to adjust so that i get the money every f/n????

Thanks guys

 

[jasperjue]

You can get a tax variation done so that your fortnightly tax is reduced ergo more cash in your paypack.

What your get back depends on your tax rates and if you are positive or negatively geared.

 

[depreciator]

Burty, depreciation is a tax deduction. It's treated the same as your other IP tax deductions: PM fees, interest, rates etc.
Scott

 

[Daniela]

Did you fill the papers yourself or you saw an accountant? If you saw one did they charge you any fees?

 

[Noeyedear]

Did you fill the papers yourself or you saw an accountant? If you saw one did they charge you any fees?

Thats a joke right. If you saw an accountant did they charge you any fee$.

 

[burty85]

Did you fill the papers yourself or you saw an accountant? If you saw one did they charge you any fees?

Nar havent seen an accountant yet, waiting till jan to get one, i have done some figures myself which im going to run over with an accountant then im going to do the papers myself (cant remember the name of the form off the top of my head tho)

 

[Daniela]

To Noeyedea

If you haven't got anything good to say Mr Smart.... don't bother posting!

 

[Noeyedear]

If you haven't got anything good to say Mr Smart.... don't bother posting!

My apologies Daniela if I offended you. I will try to be more serious in the future.

 

[devo76]

Actually my accountant did it for me and didnt charge.