Property Depreciation and CGT

[PaulF]

Hey guys,
just wondering about property depreciation and CGT...
I've had my property since 2011 and it's been rented almost all the time since then but i never claimed any depreciation on it as in i never had a depreciation schedule done for it...

Does this make any kind of difference if i end up selling it please?

Cheers

 

[Peterw]

Paul, I am surprised your accountant has not brought this to your attention. I do believe that you can go back a few years and resubmit a revised tax return. Send me a PM with details of age etc, and I will put you onto a person who will give advice of the schedule, costs and benefits.

 

[PaulF]

Thanks for that Peter,
i was more thinking in regards to when selling the property, having not claimed any depreciation, would that be more beneficial or not (less capital work deductions)?

Cheers

 

[Rixter]

Thanks for that Peter,
i was more thinking in regards to when selling the property, having not claimed any depreciation, would that be more beneficial or not (less capital work deductions)?

Cheers

Just means your IP cost base does not need to be capital works adjusted by your accountant for the purposes of calculating your CGT payable. Which in turn means slightly less CGT to pay.

 

[PaulF]

Thanks for that Rixter, trying to get my ahead CGT implications before seeing accountant and that helped. Thx again