Missed depreciation - Is it ok to add following year?

[devank]

I made two small mistakes in last tax return.
1. Did not include the depreciation component in 2012/13 tax return.
IP was bought late June 2013. I didn't include in the 2012/13 tax return as there wasn't any rental income but there is a small depreciation amount belongs to last financial year. Can I add the last year's component to this year?

2. Didn't use the updated depreciation schedule in 2012/13 tax return.
I updated the depreciation schedule as I installed an aircon in this IP. Unfortunately, I used the old depreciation schedule in the financial year 2012/13. Can I add the last year difference to 2013/14 tax return?

 

[Simon]

Why don't you just amend the previous return?

 

[depreciator]

As Simon said, you would need to change your 12/13 return.

This is a bit confusing:

Didn't use the updated depreciation schedule in 2012/13 tax return.
I updated the depreciation schedule as I installed an aircon in this IP. Unfortunately, I used the old depreciation schedule in the financial year 2012/13. Can I add the last year difference to 2013/14 tax return?

So you did claim depreciation in 12/13 but not for a new aircon? Is that correct? Just go back to whoever did the Schedule and they will sort something out. I can't imagine them charging anything to fiddle with the Schedule - we never do.

 

[Paul@PFI]

You are required to amend (do not object). Simple signed letter to ATO will suffice. No need for a long explanation. Just explain what deduction you propose to increase and indicate the new value and the former value so its very clear. Also make sure you identify yourself using Tax File Number !!

https://www.ato.gov.au/General/Corr...ecision/Correct-(amend)-an-income-tax-return/

 

[devank]

Regarding the 2nd IP - Yes. I did claim depreciation in 12/13 but not for a new aircon. Difference is only $174 though.

Regarding the 1st IP - I didn't claim at all. Value is $2171. So it is worth chasing up.

I used the e-tax last year. Is it possible the e-tax for the amendments?

 

[depreciator]

So the first IP settled in June and the depreciation for those few weeks was $2,171?

Just get the Schedule changed and kick it off in July.

Most people in your situation would also elect to start depreciating that aircon in the other property in July, too.

I'm not sure how easy it is to amend using e-tax. They probably don't make it all that easy given nobody ever seeks to amend a past return unless they're going to get more money.

 

[Paul@PFI]

Regarding the 2nd IP - Yes. I did claim depreciation in 12/13 but not for a new aircon. Difference is only $174 though.

Regarding the 1st IP - I didn't claim at all. Value is $2171. So it is worth chasing up.

I used the e-tax last year. Is it possible the e-tax for the amendments?

NO. See me prev post on how to proceed.

 

[devank]

Just get the Schedule changed and kick it off in July.

Yes. I sent an email to start from July.

NO. See me prev post on how to proceed.

Thanks Paul. I didn't see your post until I submitted mine. Thank you for the link.
Amendment doesn't seem much complicated but I'll try to deal at the depreciation schedule before I make any contact with the ATO.

 

[devank]

Depreciator sorted it out.
He can read your mind even if you give him careless instructions

Thanks Scott.

 

[+Mpire_Builder+]

If too difficult to amend e-tax, write a letter of amendment.

Basic topics to cover:

Heading
Tax File Number
Taxpayer name
Financial year

Body of letter
reason for amendment
Label to be adjusted
$ Adjustment
Reduction of taxable income of $X
Apologies for inconvenience caused etc etc

Signed by taxpayer.

 

[monalisa]

There is very simple ATO form you can lodge to amend.