E-tax

[ndpjai]

Hi there

I've a couple of questions. This is my first time trying e-tax.

First, i've already got a depreciation schedule, in e-tax where will you enter this information. In the rental property schedule, under expenses, can you enter this info in section (I) or where do you enter this info

Second, regarding borrowing expenses, could we take LMI as borrowing expenses, please confirm.

Thanks

 

[jaycee]

Hi mate,

Go through etax sep by step filling in what they ask for as you go.

You'll get to a section which asks if you had an investment property and you will be able to put in all your property related expenses in the right places, including depreciation.

You'll see it when you get to it.

Trick is of course to have allyour expenses listed out in front of you, then you cna concnetrate on following etax, this year I felt like the quickest and easiest tax return I've done, but I remembere getting so frustrated with it earlier on and then found that oops, it did tell me that

LMI ? I don't know the answer to that.

 

[MattR]

LMI over 5 years.

 

[Firsthomelooker]

LMI over 5 years.

Second this - I just found this out reading through ATO publications while doing my tax yesterday. Am considering amending both OH & Is tax returns for the past 2 years as our accountant missed out on this deduction being why I am now doing our tax myself!