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How can I claim depreciation for half year?

Discussion in 'Accounting, Tax & Legal' started by vsdabhi, 9th Jul, 2010.

  1. vsdabhi

    vsdabhi Member

    Joined:
    6th Oct, 2009
    Posts:
    17
    Location:
    Perth WA
    Hello everyone,
    It is TAX time and I have two questions.
    (1) IP -1 settlement on 7th Dec 2009 and IP-2 settlement on 31st Dec 2009. Should I claim Landlord insurance premium for 206 and 181 days? Or we can claim full premium?
    (2) We have got Depreciation schedule for both the properties. Claimable depreciation for year 2009-10 are $8500 and $6530. Total amount is $15030 I think I can not claim $15030 but it should be 8500 X 206/365 =$4797.26 and 6530 X 181/365 =$ 3238.16
    Total Claimable amount is only $8035.42Please advice.
    Final tax return will be done by my Accountant but I also need to know how do all the figures come.
    Thanks.
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Your accountant will work all this out for you - that is what you pay them for!

    If you still want to know how it is all worked out, simply ask them! Chances are they would be more than happy to explain everything.

    I they are not willing or happy to explain, maybe you need a different accountant.

    SM :)
     
  3. Rob G.

    Rob G. Well-Known Member

    Joined:
    6th Jun, 2007
    Posts:
    717
    Location:
    Melbourne, VIC
    1) For investors, recurrent annual insurance premiums you normally claim in full in the year paid, even if part refers to the next year.

    2) Does your depreciation schedule just give you an annual rate ? In which case you apportion by the number of days this year as above.

    Cheers,

    Rob
     
  4. vsdabhi

    vsdabhi Member

    Joined:
    6th Oct, 2009
    Posts:
    17
    Location:
    Perth WA
    Thanks a lot Rob and Superman.