Revision of Depreciation Schedule

Discussion in 'WebBoard Property Investor Forum Archive' started by WebBoard, 13th Sep, 2002.

  1. WebBoard

    WebBoard Guest

    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
     
    Last edited by a moderator: 5th Apr, 2017
  2. DaleGG

    DaleGG Member

    Joined:
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    Melbourne
    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
     
    Last edited by a moderator: 5th Apr, 2017
  3. WebBoard

    WebBoard Guest

    Reply: 1.1
    From: Peter Boyce


    Dale

    Thanks very much for your for the response.

    Regards

    Peter
     
    Last edited by a moderator: 5th Apr, 2017