Good use of depreciation report

[MKP]

Hi one of my IP was purchased in 2008 (built about 1985/6), and I have only done depreciation schedule through BMT on it this year.
In the summary of the schedules -
1. they present diminishing value and low value pooling method - and provided annual depreciation estimate from 2008 to 2047 (40 yrs) -justification provided
2.With division-43: they provided annual write-off provision from 2008 - 2017 (based on improvement done on the house between 1996-2002)

I normally use e-tax for our tax return (and unfortunately may have missed some claims), and almost completed my claim for 2012, except I am not sure how to use the depreciation report.

My question:
Given that I am now in the 4th year after purchase; and the depreciation scehdule provided 40 yrs projection from the date of purchase, how many years of depreciation provision I can claim back in the current financial year?

I would really appreciate a response.

ta
MKP

 

[Propertunity]

I believe you can only go back to amend the last 2 years tax returns now.

 

[MKP]

Hm..thanks propertunity.
The last 2 years = 2009-2010; and 2010-2011? That's a lot, and may be worth quite a bit.

I haven't done amendment before; it may be a good time to find a good accountant.. which is probably not easy to find at this time of the year.

Can you recommend one that can do it remotely? (I have completed most parts of my e-tax) so she/he can have that.

MKP

I believe you can only go back to amend the last 2 years tax returns now.

 

[wobbycarly]

You can only claim this year's depreciation in this year's return. To claim earlier depreciation, you'll need to amend earlier returns, as Prop pointed out.

 

[monty python]

Just call the ATO, say you lodged via etax and now wish to amend your returns for the last two years - should be able to do this by writing a letter to them, it's all self-assessment based so keep your records in case of audit.

 

[MKP]

Thanks for the link livewildcard,
I downloaded the form; it does not look as scarry. I will give it a try first and see if I need an external help.

MKP

I did my own amendments I think the form is on the ATO website. Maybe here? http://www.ato.gov.au/content/79404.htm but there was one for current year and one for amending previous years so no need to get an accountant but at the same time, if its going to be worthwhile and a few extra accountant fees aren't going to scare you then jump right in!

 

[BMan]

im pretty sure terryw can do tax returns give him a pm http://somersoft.com/forums/member.php?u=26157

 

[damacc]

I kept mentioning to a friend who owned a holiday unit to get depreciation schedules done. After several years went by the eventually did. They went to their tax agent and got tax return amendments done for more than 2 years. The amount they got back in tax was worth paying for a tax agent.

If you want a tax agent that you can use remotely PM me and I will pass on his details.

 

[MartinW]

Hm..thanks propertunity.
The last 2 years = 2009-2010; and 2010-2011? That's a lot, and may be worth quite a bit.

I haven't done amendment before; it may be a good time to find a good accountant.. which is probably not easy to find at this time of the year.

Can you recommend one that can do it remotely? (I have completed most parts of my e-tax) so she/he can have that.

MKP

Therein lies the false economy of doing it yourself when you moved beyond the simplest basic return. The missed deductions and helpful pointers you get from a decent accountant pay you back in multiples. Once your situation has become more complex you should not be afraid of getting good advice.

Obviously submitting amendments will get interest from the ATO - particularly when large deductions are now presented.