Depreciation write off once property demolished

Hi all

How do I claim (Can I even claim?) the remainder of my Division 40 & Division 43 after I have demolished a property.


Basics -

I purchased an investment property June 2016; demolished in Aug 2017; in the middle of constructing 3 new investment properties which I will hold on to.


My BMT Deprecation shedule has beginning balances of Div 40 - $34,061; remaining balance now after claiming 2015/2016 & 2016/2017 tax years is $23,220. Div 43; beginning balance of $110,127; remaining after claiming 2015/2016 & 2016/2017 is $106,912


Do I completely write these off on my tax return? Where do I put these amounts?


This would also then mean I have a negative income balance for the year - does this carry over to next year?


Thanks in advance

Chris

 

I would recommend tax advice. The ability to write off assets and claim a deduction is not automatic and the impact of changes to Div 40 rules may impact the ability to claim a scrapping deduction.

The timing of when to claim it is also important.