A historical schedule and an amended return are different
A quantity surveyor may be able to prepare depreciation information for earlier years using suitable records. That does not mean every earlier tax return can still be changed. Your tax agent needs to check the applicable amendment period and whether a claim was available in each year.
The ATO's amendment guidance describes different time limits and exceptions. Do not assume the window runs from the date a new depreciation report is prepared.
Start with your accountant's review
- Identify the years, ownership entity and assessment dates.
- Check which returns remain open to amendment and whether another process is relevant.
- Review deductions already claimed and avoid duplication.
- Determine what construction and asset evidence is missing.
- Agree the years and information needed from the report preparer.
What evidence helps?
Provide original purchase records, rental dates, renovation invoices, prior schedules and photographs. Distinguish construction costs from the property's purchase price. An inspection today cannot, by itself, prove all assets and conditions present in an earlier year.
Older properties and second-hand assets
Building age alone does not decide the answer. Later eligible improvements may need separate assessment. Previously used residential assets can be subject to deduction restrictions, so a historical schedule must not assume that every appliance or carpet produces a claim.
See the depreciation report service to request the appropriate scope. If historical market value is needed instead, that is a retrospective valuation.
Frequently asked questions
Can I claim all missed deductions this year?
Do not roll earlier amounts into the current return without tax advice. The year of entitlement and amendment rules need separate assessment.
Will the report guarantee a refund?
No. Any tax effect depends on eligible deductions, previous claims and the owner's circumstances.
What if the property has been sold?
Ask your accountant to review both past returns and any implications for the CGT calculation before commissioning more work.
Sources and further reading
- ATO: Amendment requests, PS LA 2008/19 — Amendment requests, time limits and exceptions.
- ATO: Second-hand depreciating assets — Restrictions relevant to previously used residential rental assets.
Arrange the right report
Explore tax depreciation with Propti. Send the property address, purpose, required date and recipient’s instructions when you request a property report quote.