Where does depreciation appear on etax

Hi Hiruni,

Plant and Capital Works is in the individual property section of the 'Rent' income part. So where you claim all of your normal deductions for each individual property.

There is a LVP section within the Deductions part.

Simon

Lawyers make more money than the original cost would have been by fixing up DIY mistakes! I guess accounts too. Amending 2 to 4 years of tax returns for example.

In my opinion I think there are some benefits in doing your own tax. If your returns are simple of course. For me, I feel I have learnt in detail the way our tax system works and how to strategically use the rules to my advantage.

I think if I had refrained from learning this type of stuff and just left it to a Tax Agent then I would have made some decisions from a less informed perspective. I have friends who just 'dump' statements with their Tax Agent every year without ever understanding the rules. I see this as a disadvantage for them as they don't strategise in this respect.

The deals I have been involved with are simple though and no doubt if they became complex I would use a Tax Agent. As said above, its going to be cheaper in the long run to get them right the first time!

I used to do mine when it was simple. But property rules are ever changing.

I don't have time to keep up with the rules. I want my properties to give me passive income. I get it ready and know what's going on but I'd rather pay someone else to get it all organise for me and check that I am getting everything I am entitled to get.

I've got better things to do really (like travel the world).

And that's the difference Qlds007. Finding a GREAT PROPERTY savvy accountant.

I thought I found a good one until I asked him (early days of investing) if I should get a depreciation report. His answer- Up to you. It was then I started searching for a new accountant. I LOVE my accountant (well at tax return time anyway.