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Can't find your question here? Then email us and ask! I
f your question is not answered below, please feel free to email us at questions@taxupdate.com.au |
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What are and when will the Tax Changes to Property Depreciation be implemented by the ATO?
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As from the 1st July 2004, there is a revision of effective life and depreciation rate of plant & equipment as detailed in Division 40 of the Income Tax Assessment Act.
The list of previously depreciable plant and equipment has now been defined and will be used as a basis for all existing and future depreciation claims.
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How will the ATO tax changes affect my existing Tax Depreciation Schedule ?
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The ATO tax changes will now assist with defining any previous ambiguity and assumption made in your original tax depreciation schedule, for correction with the intent and accuracy of the tax legislation.
With 'plant and equipment', otherwise known as depreciable assets, now being claimed under Division 40 of the Income Tax Assessment Act, taxpayers are able to achieve greater confidence in their depreciation schedules through clearly defined rules and allowances.
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Can TaxUpdate be of any assistance to me since someone else did my original Tax Depreciation Schedule?
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Yes, TaxUpdate is a quick, simple and inexpensive method of updating ANY Tax Depreciation Schedules previously produced, irrespective of the original author.
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Can TaxUpdate help me with future ATO compliant Tax Depreciation Schedules for a investment property I am looking at buying?
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No, you will have to logon to www.taxshield.com.au for all new tax depreciation and follow the simple and easy steps similar to TaxUpdate.
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Will I get in trouble with the ATO and with my tax return if I DON’T TaxUpdate my existing Tax Depreciation Schedule for my investment property?
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Yes, if your previous Tax Depreciation Schedule is NOT updated by TaxUpdate, you run the very real risk of the following circumstances:
• If someone has incorrectly claimed items of plant and equipment, you may be penalised and made to payback the ATO for those errors made through ambiguity or assumption of the past tax legislation.
• Allows the ATO Tax Audit to not only scrutinise your tax depreciation of your investment property, but other tax implication or aspects of your tax return for the last 7 years.
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