I was doing an inspection of an investment property yesterday with a client of mine who I have done a few property depreciation schedules for in the past. He wanted to share a funny story.
He had got the tax depreciation schedules done and sent them through to his accountant a few years ago. He really thought nothing more about it. Quite some time later (about 3 years later) he realised that even though the depreciation reports had been sent through, no claims for the Division 40 or Division 43 had been made. What seemed to be a horrible mistake turned into backdated tax returns and he got many tens of thousands of dollars back in one fell swoop.
So I thought it was just people who did not have a tax depreciation schedule who would need to backdate there returns. Maybe now.
The ATO states “If you still need to lodge a tax return for a previous year, it’s important to get up to date as soon as possible to reduce the risk of a penalty”. The think it with backdating tax returns you may also get extra bonus interest.
For more detailed information always go to the source
Are you claiming Tax Deprecation for your investment Property?
Since the May 10, 2017 budget I believe it is even more important to make sure you getting a tax depreciation schedule prepared and claiming all eligible deductions you are entitled to, before it is too late and you miss out!