Private ruling: Business losses and depreciation
Date of advice: 28 July 2021
Published: October 2021
Ruling period: Period ended 30 June 20XX | Period ended 30 June 20XX | Period ended 30 June 20XX | Period ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: 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? | A1: 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.

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


This ruling applies for the following period periods :