How to use the figure in depreciation report?

Discussion in 'Property Management' started by happydays123, 22nd Sep, 2020.

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  1. happydays123

    happydays123 Member

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    NSW
    Hi all, I received my depreciation report from a depreciator for my IP.
    Under the Tax Depreciation Schedule Summary, it said the yearly claim for the financial year is $9000 under Building Allowance.

    Should I put this $9000 figure to "Total capital works - manually calculated" under the "rental income" section to claim the depreciation?

    I was thinking whether I should put the building allowance to "total capital allowances - manually calculated" or "Total capital works - manually calculated", as the names are very similar. But after doing some research it seems "Total capital works - manually calculated" is for building allowance.

    Anyone with an IP doing DIY return yourself? Can you please advise is my understanding correct? Thanks.
     
  2. Propertunity

    Propertunity Well-Known Member

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    You know the saying "a client who represents themselves in legal matters, has a fool for a client".....replace the word "legal" with "tax accounting" :p
     
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  3. Trainee

    Trainee Well-Known Member

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    The problems are in the questions you dont know enough to ask.

    how do you know you are claiming everything correctly? Depreciation v repairs? Claiming loan fees over multiple years?
     
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  4. Skinman

    Skinman Well-Known Member

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    You can claim the cost of paying a professional to do your return under the “managing tax affairs” field...it will probably save you more than doing it yourself...or as a minimum pay someone to do it for one year...get a copy of the complete submitted claim and the copy it next year :cool:
     
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  5. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

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    Australia
    This is correct, as far as I'm aware. The wording has always been ambiguous (e.g., it doesn't call it depreciation).

    For what it's worth, any provider worth their salt should be able to help you interpret their report.