Can the investment allowance be applied to real-estate, and then the deductions carried forward into consecutive years?
Unfortunately real estate does not qualify for the investment allowance. Only assets that are tangible assets, and which qualify for depreciation under Division 40 of the tax act, are eligible assets. Where the investment allowance claimed causes a tax loss in the current financial year, then that loss should be able to be carried forward to be offset against future years income.
Got a question for one of our Experts? Choose one that suits your area of inquiry and send it in to asktheexperts@smartcompany.com.au
To read more Tax Advice, click here.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.