Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I purchased a near 2 year old property in late 2016, which has been rented out ever since. I have not previously included any Div 40 or Div 43 claims in my personal tax return and am now preparing to have a quantity surveyor provide a depreciation schedule to do so. Can anyone provide guidance on whether I would accumulate the past 4 years depreciation in this tax year or start as though this is the first year of depreciation? Thanks for your guidance and any recommended areas to read on the ATO site.