S 110-25(4) of the ITAA allows the cost base of a property to be increased by items not claimed as tax deductions. This means that capital expenditure items this FY not used as deductions can be added to the cost base of the property. I think. Can a taxpayer elect to add unclaimed items to the cost base, or is it a mandatory requirement?
Having started a depreciation schedule, can a taxpayer elect to not use it in one or more FYs? It appears that if depreciation is not claimed, the depreciated amount can be added to the cost base.
Advice about the above would be appreciated. TIA.
Having started a depreciation schedule, can a taxpayer elect to not use it in one or more FYs? It appears that if depreciation is not claimed, the depreciated amount can be added to the cost base.
Advice about the above would be appreciated. TIA.
