Announcements
Have you sold crypto, shares or property? Our new capital gains tax guide has info about cost bases, calculations & more! Still got questions? Ask the Community!

ATO Community

Re: Rental depreciation

This post is archived and may not be up-to-date.

Initiate

Views 1191

Replies 3

I am using the calculator in MyTax for rental depreciation, and noticed there is significant difference if I get a depreciation from a compliant surveyor. Like MyTax gives me a figure of $4000 for each year to claim, but two surveyors gave me a figure of around $3000. Also noticed The the amount I can claim using MyTax is exactly same each year whereas the claimable amount decreases every year, per surveyor’s schedule.

 

I would like to use the figures I get in MyTax because I can claim more and no fee for the schedule. Is it ligit? Am I allowed? I don’t see any reason why not. Advice will be much appreciable.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 0

So you are only depreciating the actual building (Div 43) at 2.5% at Prime?

 

With Div 43 you can only use prime.

 

With Div 40 you have a choice between Prime and Diminishing.

 

Prime gives you an even amount yearly.

Diminishing gives you more in the first few years.

 

 

3 REPLIES 3

Taxicorn

Replies 2

What are you depreciating?

 

Div 43 Structural Works or Div 40 Plant & Equipment?

 

Are you using Prime method or Diminishing method?

 

 

Initiate

Replies 1

I am depreciating rental residential property using prime cost method.

Most helpful response

Taxicorn

Replies 0

So you are only depreciating the actual building (Div 43) at 2.5% at Prime?

 

With Div 43 you can only use prime.

 

With Div 40 you have a choice between Prime and Diminishing.

 

Prime gives you an even amount yearly.

Diminishing gives you more in the first few years.