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Re: Rental Property Depreciation Timing

Newbie

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Replies 1

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.

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Most helpful response

Devotee

Replies 0

As a general rule for any deduction, you can only claim them the year they were incurred. If you feel like you have missed out on an eligible deduction, you need to go back to the year it was incurred and amend that tax return.
Read here and see info and a video about when and what you can claim for depreciating assets: https://www.ato.gov.au/General/Property/Residential-rental-properties/Rental-expenses-you-claim-over...
1 REPLY 1

Most helpful response

Devotee

Replies 0

As a general rule for any deduction, you can only claim them the year they were incurred. If you feel like you have missed out on an eligible deduction, you need to go back to the year it was incurred and amend that tax return.
Read here and see info and a video about when and what you can claim for depreciating assets: https://www.ato.gov.au/General/Property/Residential-rental-properties/Rental-expenses-you-claim-over...