Backdating a depreciation report

Im seeking information about a depreciation report i recently got.

I built a house in 2014 around the 400k mark.

Ive been incredible lapse and only just last month got my depreciation report on the property.

My question is, how far back can the depreciate report be used.. Ive heard conflicting reports..some say it can be backdated 2 tax returns, others say just the current tax return. Could it possibly be backdated all the way to 2014?

I am scheduled in to see an accountant shortly, just seeking more opinions, so the accountant doesnt take the easy route and just do the bare minimum.

thanks in advance.

 

The depreciation report could be done at the historical values, but you would need to amend the previous tax returns to take these extra deductions that you missed into account. generally you can only amend the previous 2 years.

 

I would FIRSTLY find out what your amendment time period is (2 or 4 years) and then have the report prepared based on that information after discussion with the QS. This may affect the start date of the report and even the method you choose. The report technically inst backdated...The ability to amend returns is. This 4 year amendment period is easier to access than many realise but until you prove to the ATO you have entitlement to the 4 years they will oppose anything after 2 years. The tax adviser should be able to advise on this.

 

We did a couple of Depreciation Schedules recently that were backdated 11 years. I called the accountant to make sure this was what he really wanted. It seemed the client had been tardy and not done their tax return for a long time.
It is just as easy for us to start a Dep Schedule today as it is for us to start it many years ago. The issue as Paul said is how many tax returns you can amend.
Scott

 

I think we have a mutual client (who is very happy)

Schedules cost around $800 and increased deductions $20K....Excellent ROI. Way too often missed by taxpayers. If he had the QS report prepared say 2015 it would have cost same but a far far reduced tax impact.