Depreciation for renovation for last FY - forgot to get schedule done

Discussion in 'Accounting & Tax' started by Pins, 12th Jul, 2015.

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  1. Pins

    Pins Well-Known Member

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    Hi all

    I've just realised I stoop idly forgot to get a depreciation schedule done on my apartment after completing a renovation in Jan 2015.

    Obviously I'll look to get it done asap, but does this prevent me from submitting this as part of my tax return for last FY because I didn't get the schedule done in the same FY?
     
    Pins, 12th Jul, 2015
    #1
  2. drg86

    drg86 Well-Known Member

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    My understanding is you are eligible to claim back 2 prior years of ownership. So even if you have submitted your return you are able to make ammendments once you have a schedule written up.
     
    drg86, 13th Jul, 2015
    #2
  3. 158

    158 Well-Known Member

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    I'd say you should be able to use a DS for the purpose said above (2 years prior return), but the deduction on the DS itself would only be able to be used in the year it occurred (ie this financial year ).

    pinkboy
     
    158, 13th Jul, 2015
    #3
  4. wylie

    wylie Moderator Staff Member

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    I was told that if I paid for a depreciation report before June 30th I could claim the cost in that financial year and the report itself could be done soon after June 30th.

    Paying before the end of the financial year meant that my tax could be amended for two year back from the financial year it is paid.

    I am thinking you would be making payment in this new financial year which means you can amend returns back two years from this new financial year
     
    Last edited: 14th Jul, 2015
    wylie, 13th Jul, 2015
    #4
  5. Depreciator

    Depreciator Well-Known Member

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    Pins, you would not have done your 14/15 tax return yet. So just get a Dep Schedule now that kicks off when the reno was finished in January this year.

    Scott
     
    Depreciator, 13th Jul, 2015
    #5
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Many taxpayers can amend up to 4 years. Not two as is generally believed.

    If you get a QS report done now (or in a month or two) the QS would prepare the report based upon either when the reno was completed or the building commencing to be available for rent. So if that was 2 years ago you then have ability to amend those years returns. The deduction arrears cannot all be claimed in this years return.
     
    Paul@PAS, 13th Jul, 2015
    #6
  7. Pins

    Pins Well-Known Member

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    Thanks all, really appreciate your help.
     
    Pins, 13th Jul, 2015
    #7