GetMeDownUnder Posted October 18, 2016 Share Posted October 18, 2016 Hi, Thank you in advance to anybody who has completed this previously. The depreciation schedule for our UK home has been completed and I am unsure where to enter the info in MyTax. Until now I have been able to complete the tax return myself and I am hoping to avoid seeing the accountant for something that is so quick. I am confused whether I should be looking at the Foreign Income section or the Deductions section. Can I just include it in the "Deductible Expenses" field in the Foreign Rental Income section? Or does it need to go elsewhere (there are more fields for Australian rental income but I obviously cannot put it there. (Or do I need to split Low Value Pool, Depreciating Assets and Building Allowance into different places? Thanks Link to comment Share on other sites More sharing options...
PMA Posted October 19, 2016 Share Posted October 19, 2016 Hi Getmedownunder Did you get an answer to your question? Who did use for your depreciation schedules? Thank you. Link to comment Share on other sites More sharing options...
Ken Posted October 19, 2016 Share Posted October 19, 2016 I don't use MyTax so I don't know how you enter it on there, but on a standard tax return you only report the "Net Foreign Rent" in the foreign income section. This is the amount of rent received minus all allowable deductions including interest and depreciation - and yes the figure can be a loss which does make a mockery of it being in an income section! Link to comment Share on other sites More sharing options...
GetMeDownUnder Posted October 20, 2016 Author Share Posted October 20, 2016 Hi Getmedownunder Did you get an answer to your question? Who did use for your depreciation schedules? Thank you. Hi. I asked Washington Browne who wanted to charge about $1500 for the schedule. I then asked http://www.depreciator.com.au/ who charged $550. Depreciator do use the correct surveyors but did not visit my home. I guess that means that they may miss something that could be depreciated (they give you a checklist of items for each room and ask on cost etc etc) and your depreciation schedule could potentially be lower which may add up to more than the $1000 difference over the years. I was happy with depreciator and had my results in under 2 weeks. My UK 3 bed house was bought 7 years ago and my depreciation for this year was over $10'000 AUD. Link to comment Share on other sites More sharing options...
GetMeDownUnder Posted October 20, 2016 Author Share Posted October 20, 2016 I don't use MyTax so I don't know how you enter it on there, but on a standard tax return you only report the "Net Foreign Rent" in the foreign income section. This is the amount of rent received minus all allowable deductions including interest and depreciation - and yes the figure can be a loss which does make a mockery of it being in an income section! Thank you Ken, it is great to get some free advice . I had already phoned ATO / MyTax who didnt seem to have a clue and eventually told me to just do a paper application instead. I then phoned ETax (the private company) who advised me to roll it up into "Net Foreign Rent" which I did last night. It is great to know that you agree I also made an adjustment to that field for last-year as I now had the depreciation schedule figures for 2014-15. I tested it yesterday and it showed I would be due an extra refund. However when I logged back in a day later and input for real it said the difference was 0 (but said it was an estimate only). Very strange. I lodged it anyway and will see what happens and query if necessary. Link to comment Share on other sites More sharing options...
Alan Collett Posted October 22, 2016 Share Posted October 22, 2016 Hi. I asked Washington Browne who wanted to charge about $1500 for the schedule. I then asked http://www.depreciator.com.au/ who charged $550. Depreciator do use the correct surveyors but did not visit my home. I guess that means that they may miss something that could be depreciated (they give you a checklist of items for each room and ask on cost etc etc) and your depreciation schedule could potentially be lower which may add up to more than the $1000 difference over the years. I was happy with depreciator and had my results in under 2 weeks. My UK 3 bed house was bought 7 years ago and my depreciation for this year was over $10'000 AUD. If the firm preparing the report doesn't attend your property this approach may well have been a false economy - as you have indicated. And after tax deducting the surveyor's fee the cost differential is even less. Nevertheless, if you're happy that's good! Best regards. Link to comment Share on other sites More sharing options...
chall5 Posted October 25, 2016 Share Posted October 25, 2016 Washington Brown can also do it without visiting the property if you can provide them with details like a floorplan and a detailed inventory - often available if you are letting your UK property. It's about $500 cheaper this way Link to comment Share on other sites More sharing options...
PMA Posted October 28, 2016 Share Posted October 28, 2016 Thank you guys for the information . I was late in amending my 13/14 return so I might not get the benefit of the depreciation for that year. Link to comment Share on other sites More sharing options...
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