Depreciation Schedule Question?

Hi all,

Could anyone here please clarify a question I have regarding our investment property?

In the 2015-2016 financial year I earnt next to nothing, $ 11,500 or so, therefore the ' tax depreciation report' we had just done on our property could not be claimed by me, due to lack of tax paid...hubby did claim though.

So, the accountant at that time informed me that I can claim that 2015-2016 money, plus the claim for the 2016-2017 financial year ( using the Diminishing Value Method ) - I have paid enough tax to do that in the financial year just gone....but, the accountant that I just saw yesterday says this is not the case, that I will not be able to claim that 2015-2016 money?... Can anyone please clarify this for me, as they have told me completely different stories?

Thanks in advance

 

I didnt quite follow this. But I will give it a crack.

If the property has a QS report then the QS deductions are claimed in the year it says. 2016 is claimed in 2016 and 2017 is claimed in 2017 and BOTH owners follow the same process and must have a identical share of net property income.... Wont normally be different. ..The QS deductions cant be delayed or deferred. But you may make a tax loss which will roll from 2016 into the next year (2017)....Surely the accountant mentioned the carried forward loss !! You never just ignore tax deduction issues like that.

 

I think you are implying the first accountant told you to delay claiming the QS deductions to a future income year when your income was higher? If so this is wrong.

 

Thank You for your replies