Depreciation Schedule - Picking up where you left off

Hi all,

I currently have a property being leased out (has been for 3 years).
When we first leased it out a quantity surveyor went through and produced our depreciation schedule. In putting together our tax return we used the diminishing value method. If I chose to move into this property in year 4 and make it my PPOR, then in a few years time decided to lease it out again which of the following would apply

1. The depreciation claimable would pick up where it was left (i.e Year 4)
2. A new schedule would be created
3. The years of claimable depreciation whilst it was a PPOR would be lost. The claimable depreciation would be for year 7 or whenever it is I lease it out again (which will be much less than when I terminated the initial lease).

Thanks

Frosty

 

3

 

3 as above. Depreciation is based on the age of the assets being depreciated. Time doesnt stop when you make it a PPOR (at least on this planet), and your assets continue to depreciate but you simply cannot claim any of it.