Purchase in mid year

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From: KJL .


Does anyone know if it is possible to enter a property purchased part way through year, so that depreciation etc is calculated on correct number of months from date of purchase to 30 June?

Do I just need to RTFM more carefully?

KJL
 
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From: Webmaster (Somersoft)


The answer is definitely no and yes.

In general, NO because....

The main focus of the PIA is to help you make investment decisions (i.e. investing in properties for the long term) and to keep this simple and easy to understand, the projection model is based on number of whole years from the time of purchase.

But for a Tax Variation adjustment, YES because....

In order to give you an accurate assessment of any tax variation (Section 15/15 of the Tax Act - see Reports Menu/Tax Variation), the program needs both the date of purchase (to apportion income and deductions for the remainder of the financial year) and the date for adjustment of tax installments (to work out how much tax you still need to pay for the year and apportion it over the pay periods remaining).
 
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