Hi Folks,
Firstly, may i say I never thought I'd be spending my Saturday mornings reading through the ATO's Guide to Depreciating Assets! While I managed to get some good information on Diminishing Value and Prime Cost depreciation calculations, I'm still a little confused as to how I calculate and claim for our new asset….
We just had an air-conditioning unit replaced in one of our IP's after we were told the existing unit was beyond repair. Our invoice is as follows;
GST = $340
Total Cost of Installation inc GST = $3740
Question Time:
1. Can I make an immediate claim on the GST component on the invoice ($340) or is the total cost ($3740) the amount I have to depreciate?
2. Is there any deductions available for the buggered Air Conditioning unit that has now been removed?
Thanks in advance!
Kate
Hi Kate,
Below is what I "think" is right… but I am not an adviser of any kind. I can't help with question 1, so let's see what others say……
Quote:Question Time:2. Is there any deductions available for the buggered Air Conditioning unit that has now been removed?
If you were already writing it down via an earlier Depreciation Schedule, the remaining WDV (Written Down Value) can be claimed in this FY as a lump sum.
Benny
Thanks Benny!
We have a Depreciation Schedule for the IP, so I'll be sure to add the WDV to my list immediately!
Kind Regards
Kate
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