1051873530485 | Legal database

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Edited version of private advice

Authorisation Number: 1051873530485

Date of advice: 28 July 2021

Ruling

Subject: Business losses and depreciation

Question

Can you claim a deduction for capital allowances under Division 40 of the Income Tax Assessment Act 1997 and capital works under Division 43 of the Income Tax Assessment Act 1997 as outlined in the schedule of depreciation for your property in the 20XX, 20XX, 20XX and 20XX income years?

Answer

Yes. You are entitled to deduct amounts for capital allowances and capital works as shown in the Quantity Surveyor's report (QS report) for the income years 20XX, 20XX, 20XX and 20XX.

This ruling applies for the following period periods:

Period ended 30 June 20XX

The scheme commences on:

1 July 20XX

Relevant facts and circumstances

In 20XX you became the owner of a commercial property. You did not claim and deductions for capital allowances or capital works at any time since acquisition.

In 20XX you obtained a Quantity Surveyors report (QS Report) setting out the capital allowances and depreciation amounts for the property arising in each year since acquisition.

Relevant legislative provisions

Income Tax Assessment Act 1997 Division 40

Income Tax Assessment Act 1997 Division 43

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