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Depreciation and Immediate Deduction

Discussion in 'Accounting & Tax' started by Gaggi, 12th Sep, 2015.

  1. Gaggi

    Gaggi New Member

    Joined:
    12th Sep, 2015
    Posts:
    2
    Location:
    QLD
    Hello Everyone,

    We have a investment property and I do tax returns myself and realised that in the last year's(year ending 30-Jun-2014) tax return I did not claim the immediate deduction for some of the items valued less than $300 in QS depreciation schedule and instead depreciated them using diminishing value method. I did the tax return with the investment property for the first time so lesson learnt.

    Now I am wandering, Is it possible to claim immediate deduction on these items on their Opening Adjustable Value for tax year ended 30-Jun-2015?
    or
    I will have to depreciate them again (or put them in low value pool) because I did not claim the immediate deduction the first time.

    Regards,
    Gaggi
     
  2. Hanison

    Hanison Well-Known Member

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    Location:
    Brisbane
    You missed the deduction for accountants fee's as well.
     
  3. Gaggi

    Gaggi New Member

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    12th Sep, 2015
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    Location:
    QLD
    I did claim the depreciation on items <$300 but I could have immediately deducted them :(. so I am seeking some advice whether I can claim the immediate deduction on opening adjustable value of these items for the financial year 2015 Or I will have depreciate them again as I did the first time.
     
  4. shorty

    shorty Well-Known Member

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    straya
    You might be able to submit an amendment
     
    S.T likes this.
  5. S.T

    S.T Well-Known Member

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    I'm not selling anything
    Go back and amend the return.
     
  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Sydney
    Amend.