TAS Not claiming depreciation do I claim upgrades all at once?

Discussion in 'Property Management' started by Exodusmissy, 22nd May, 2021.

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  1. Exodusmissy

    Exodusmissy Member

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    18th Aug, 2020
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    TAS
    Hello,

    I am in the process of completing tax return for FY 20/21. During the year we purchased an older IP and I had an assessment done for the home to see if it would be worth establishing a depreciation schedule but apparently it wasn’t due to the age of carpets, curtains, etc. etc. my question is, I purchased carpets for $3100 during this FY. Can I claim the whole amount on this years tax return or do I need to stagger out the claim over XX years?? Any advice would be great, thanks so much.
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    18th Jun, 2015
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    You generally couldn't claim it in full, but would have to depreciate over the expected life of the carpet
     
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