Depreciation schedule?

Viewing 4 posts - 1 through 4 (of 4 total)

morgan1
Member
@morgan1
Join Date: 2009
Post Count: 21
March 20, 2009 - 11:39 am
Hi everyone,
wondering if anyone can advise on whether it would be worthwhile for us to have a depreciation schedule (think that's what they're called?) done on our investments. We've gone on a bit of a buying frenzy lately and because of our weird income (most of which isn't taxable,) we don't pay much tax and our negative gearing is actually more than we pay, meaning we get very little of the loss back. Given this, is there any point having more 'paper deductions' that we can't actually claim on anyway? Somebody told me the deductions/negative gering that you can't access because you didn't pay enough tax can accumulate until you have a year when you do pay a lot of tax? Can anyone tell me if that's true (sounds too good to be true…..)
Thanks for any advise.
Cheers,
Sheree
Lalibella
Participant
@lalibella
Join Date: 2007
Post Count: 116
March 20, 2009 - 1:10 pm
Sure can, you can back date your depreciations for several years. (3-4) I think? We did a couple of years ago and it was a nice surprise. I spent it on a case of Bundy, then I wasted some. You can pay for the Depreciation schedule for each house- $400 ish though your accountant person can advise you to or when to submit it with the Grandfather clause in mind. Good luck.
Property Returns
Member
@property-returns
Join Date: 2009
Post Count: 8
March 23, 2009 - 4:57 am
You can claim back 4 years…
Liam Hannah
Quantity Surveyor
visit http://www.propertyreturns.com.au
special $299 fully inspected
Shwing
Participant
@shwing
Join Date: 2005
Post Count: 219
March 24, 2009 - 4:06 am
Sheree
I don't think that the above responses answered what you were actually asked.
You don't want to backdate depreciation , so much as transfer losses to future years.
I'm pretty sure that you can carry forward income losses to future years, until the loss is exhausted, similar to that of a Capital Loss.
If you had income that was taxed (PAYG) say $1000 during the year. But your investments after expenses caused you to have a loss of $5000.
You would receive the tax refund for the $1000 and carry forward to the next year a $5000 income loss. There are some deductions that cannot be carried forward as a tax loss (such as personal super contributions and some donations). But I think that all expenses from investment can be, including depreciation.
Not everything that seems to good to be true, actually is. Check with you accountant.