Revision of Depreciation Schedule

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From: Peter Boyce


G'day all

I built a house and lived in it for a year or so prior to renting it out for a few years. At that time I only used the values of depreciable items as given to me by the builder (read cost price).

I moved back in about a year ago and am considering moving out again in the near future and renting it out again.

My question is this...Now that I know about the positive benefits of using a QS, can I get a Depreciation Schedule drafted and either request that the ATO allow this for future claims and/or resubmit a correction claiming the higher depreciation amount for the previous few years?

Thanks in advance


Peter
 
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Reply: 1
From: Dale Gatherum-Goss


Hi Peter

Yes, you can get a QS to provide you with a new schedule. At this point you have a choice of two options:

1. tell the QS that you have previously claimed depreciation; or
2. make no mention of the fact.

Why? In theory, depreciation is only allowed once and so if the QS knows of your previous claims they should reduce the amount of claim that you would now be entitled to.

You do not need to tell the tax office anything and you will merely claim the depreciation calculated by the QS.

I hope that this helps and good luck either way

Dale
 
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From: Peter Boyce


Dale

Thanks very much for your for the response.

Regards

Peter
 
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