Tax depreciation / Amendment for ITR 2016

Wondering if someone could confirm me the following. I have a depreciation schedule from a reputable company.

Property purchased in 2013 as ppor and converted to ip and available to rent from 15/05/2016 rented on 15/06/2016.

I understand I have to do an amendment to claim depreciation for FY 2016.

Well the depreciation schedule I have has three labels 1) depreciating assets 2)low value pool 3) building allowance

Is "depreciating assets" the same as Plant or plant and equipment goes under the label "Total capital allowances – manually calculated" ?

Low value pool I see the label under deductions so I enter the details straight as such what is available in the depreciation schedule for 45 days ??

And lastly does the "building allowance" the same as "Total capital works – manually calculated" ???

If someone could confirm me it would be much appreciated.


Also wondering, Since I didn't add these details in my initial tax return for 2016, Now I have to do an amendment for 2016. Adding those details for 2016, will it get pre filled/ Automatically calculated for the same labels in MYTax for FY 2017? Anybody experienced any issues at all with that? And if at all anything gets pre filled for those labels will the details match the depreciation schedule I have?

Thanks in Advance.

Edit : tenanted date to 15/06/2016

 

Why did it take you 1 year to find a tenant?

 

Edited the date. Thanks terry for pointing it out

 

I would have asked the QS to generate a report that starts 01 July 2017. No need to amend and the 2016 costs would be claimed 2017

No it wont prefill. Rental info requires a schedule for each property with address and other details and some expenses types described.

 

'Low value pool' should include the plant and equipment items (aka depreciating assets) that are up to $1,000 each. 'Depreciating Assets' should be the remaining plant and equipment items which are over $1,000 each. Thus, the total of the low value pool items and depreciating assets should equal your total Division 40 (plant and equipment) deductions. 'Building allowance' is your Division 43 (capital allowances) deduction.
The depreciation schedule should have commenced on the date available to rent (15/5/16) and fully calculated for the first year based on 47 days ownership. Note, the low value pool items are not pro rata'd based on the number of days in the first year and depreciate at a straight 18.75% in the first year and then 37.5% each year thereafter.

 

Sannie, I reckon it's time you got yourself an accountant - someone like Paul, perhaps.
It's going to be a hassle for you to do a DIY amendment of your 2016 tax return. Just get the QS to rework the Dep Schedule and start it on 1/7/16 i.e. in the tax year just gone. They won't charge to do that.
Scott

 

And why having a good QS helps too... And a good broker.
I often suggest issues to raise with the QS and clients speak to the expert and gets it addressed properly.

One of the signs of a bad QS report is lack of support.

 

I was bit skeptical to go to a good accountant because of my low income so far. But I believe I should spend some money and get the books straight as it may help in the future. Thank you All. Much appreciated!!