Forgot to claim Depreciation

[Ross]

Situation is:
Lived in former PPOR from Jul 03 to Oct 06, then became IP.
In late 2003 (while PPOR) spent the following on the property:
- Cabinetry work (built in home office, robes in bedrooms etc ) $4,500
- S/System Aircon unit $1,200
- Lighting $722
- Dishwasher (left for tenants) $1,150
- Bfast bar stools (left for tenants) $238.
I was provided a Q/S report on purchase of the property so happy I have claimed most of what I'm entitled to however just wondering what is the best course of action for depreciation I missed out on in 06/07 tax return and going forward ?

Cheers
Ross

 

[depreciator]

Just take those costs to your accountant, Ross. He'll just apply have your 07 return amended. If his fee to do this outweighs the added benefit, just start claiming the additional stuff on your 08 return.
Give me a call if you want to chat about it - I'm in the office all this week.
Scott

 

[Ross]

Thanks Scott, will sort out with the accountant.

One question, is the effective start date for calculating depn when I purchased in 2003 and if so for items like aircon and dishwasher that depreciate at around 20% Dim value therefore only have one more year to run as far as depreciation claim in 07/08 tax return ? Or can I start the depreciation from this 07/08 year and claim over the next 5 years ?
LVP items would already have been written off if depn starts from 2003

Ta
Ross

 

[depreciator]

The DV rate is something that enables you to write down an Asset rapidly. You don't have to use it to arrive at a value for those Assets when you moved out. Have a chat to your accountant. He/she may be okay with you nominating a 'second hand value' for the DW, air con and stools as of the date you moved out.
The built-ins and lighting will be 'capital works' i.e. 2.5%.