Tax/accountant question regarding deprecation please

Hi
Love any feedback, having not made the most effective investments decisions to date. I am anticipating getting a large tax bill. My question is:

-Is it worth getting depreciation schedules on my properties even though 2 are quite old
-If I do can I back date claims in this years tax returns.

I really didn't think it was worth it but now I'm wondering if it might be worth looking at considering the circumstances :-(

Thanks in advance
Stacey

 

Yes
You would need to lodge a correction. Speak to your accountant.

Blacky

 

It might be worth doing but you cant claim last years in this years return - you will need to amend last years.

I suggest you call bmt or depreciator and ask if they think it worthwhile.

 

Stacey, it will depend in part on how long you have owned the properties. If they are old and you have owned them for some years, there may not be much depreciation in them.
As Terry said, to capture the 'lost' depreciation, you need to amend the tax returns for previous years. That will only be worth doing if there is a decent amount to claim.
Scott

 

@Depreciator
A property is owned as joint tenants. I heard about splitting the depreciation such that each owner has their own depreciation report. This allows certain items to fall under a smaller threshold value which then can be depreciated more rapid. Could you clarify this.

 

Yep, that's how it works. We do split Schedules all the time.
So if, say, a $500 oven is owned 50/50 by two people they each own a $250 oven and can write it off immediately.
Two points:
1. You need to know the ownership split - it's not always 50/50.
2. If you use different accountants, you need to tell your accountant the split has already been done so they don't split it again.
Scott