I have a capital allowance and tax depreciation schedule prepared by my accountant. According to the report, under the diminishing value method, I can claim approximately $4,000 for Division 40 and $5,000 for Division 43. As this is a new investment property, I understand that both can be claimed.
In the rental section of the individual tax return, I found an expense field labeled "Total capital allowances - manually calculated," which seems appropriate for the Division 43 expense of $5,000. However, I'm unsure where to enter the Division 40 amount of $4,000. Additionally, I noticed that the "Total capital allowances - manually calculated" field appears twice in the return. Could you please clarify where each amount should be entered and why this field is listed twice?
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