Extending QS report

Discussion in 'Accounting & Tax' started by qak, 26th May, 2020.

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  1. qak

    qak Well-Known Member

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    I have a depreciation/building allowance report which had about 10 years worth of "depreciation" calcs in it - up to 30/6/2019.

    I'm quite capable of calculating the remaining depreciation/allowances on the same basis (down to $Nil), is it OK to do this? There haven't been any additions or removals.
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    I dont quite follow. The report may be now invalid and not eligible for Div 40 etc.
     
    Terry_w likes this.
  3. qak

    qak Well-Known Member

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    Why would it be invalid?

    ETA: I thought the QS provides the estimate of construction costs, so the deductible amounts should just follow on?
     
  4. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Depends if the property has been continually rented since acquisition or affected by any period of non continual use after May 2017 and especially in the period between that date and 30 June 2017 as well. A change in any ownership % could also render it a concern.

    Old QS reports should not be accepted as reflecting deductions in all cases.

    Div 40 is being phased out as a deduction.
     
  5. qak

    qak Well-Known Member

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    Property has been continually rented or available for rent (yes there were some minor periods of vacancy) since it was acquired. No changes in ownership.