claim depreciation of more than a year in a single year tax return

Viewing 14 posts - 1 through 14 (of 14 total)

qqd340
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@qqd340
Join Date: 2009
Post Count: 2
June 28, 2011 - 4:10 am
Hi all,
I want to reduce my taxable income very significantly for this year tax return. Is it possible to claim property depreciation few years in advance in a single year tax return?
Thanks very much
Sal
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 28, 2011 - 5:03 am
I don't think so.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 28, 2011 - 11:19 am
Would be nice though
Cheers
Jamie
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Scott No Mates
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@scott-no-mates
Join Date: 2005
Post Count: 3,856
June 28, 2011 - 12:44 pm
Ah , just fudge the figures – you’ll never get caught!
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
June 28, 2011 - 11:29 pm
Just do what my 15 Year old son did and that was white out the "D" and put a "B" and assume we would not notice.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 28, 2011 - 11:30 pm
I once depreciated my dog.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 29, 2011 - 4:21 am
Terryw wrote:
I once depreciated my dog.
Brilliant! Mine were bloody expensive and are still relatively young…should be able to claim quite a bit then
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 29, 2011 - 4:22 am
Sorry, I meant appreciated.
But, seriously, you can claim guard dogs in some instances including their up keep.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 29, 2011 - 4:37 am
Hmmm……I can't see these lazy buggers gaurding anything. Might have to stick with appreciating instead.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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bjsaust
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@bjsaust
Join Date: 2009
Post Count: 141
June 29, 2011 - 5:20 am
Mine bark a lot, maybe that counts?
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 29, 2011 - 10:34 am
Haha, nice one – I'd love to be in the room when you're pleading that one with the ATO auditors
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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pinkboy
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@pinkboy
Join Date: 2010
Post Count: 49
June 29, 2011 - 11:20 am
Red Flag.
Imagine it…..claiming 40 years capital allowance depreciation on a brand new build straight up first year, then selling up because your circumstances with said property have changed, and probably because something has turned south, with no ability to repay what you have already depreciated. Unfortunately no-one has a crystal ball to see into the future.
pinkboy
MADProperty
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@madproperty
Join Date: 2011
Post Count: 44
July 1, 2011 - 6:54 am
Have you purchased the investment properties in one name or more than one name?
MADProperty
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@madproperty
Join Date: 2011
Post Count: 44
July 1, 2011 - 11:45 pm
If you have purchased the investment properties in your own individual name (not sure about trusts, partnership, companies) then you may be able to re-allocate the depreciation which may give you more depreciation but there are rules that apply to this. <moderator: delete advertising>