Re-arranging the balance sheets - IR3R

[SEIBU]

Greetings all,

First of all, if you`ve made it this far, I want to say thanks for taking the time to read the post.
I have (yet another) depreciation question and the IRD. It`s all my fault really,due to the fact that I didn`t know what I was doing (I should have found this site earlier)
Anyway, on the ol` IR3R form I depreciated the house (which I somehow miscalculated and undervalued that by 20,000 - oddly, I was pretty good at maths at school).
The second mistake was that I haven`t depreciated the other assets at all.
Therefore my question is: Is is still possible to correct these errors (for past returns also) without raising concerns with the IRD? Or, is it necessary to fix these errors at all? This is a buy and hold, so I`m not looking to dispose of it in the forseeable future.
Well, thanks in advance for any advice/recommendations out there...

[CJ]

As long as everything is ligit, just write in a letter to teh IRD and explain what has happened, why it happend and setting out very clearly what additional deductions you want. Put in full disclosure, ie put in your deprecaiton schedule.

Play the ignorant and ask if there is a special form you should send in.

I think there is but depending on the adjustment and the IRD employee, sometimes the letter method is sufficent.

How many years tax returns are you wanting to restate?

Since it is an IR3, i assume the property is held in your own name which means it wont effect any other taxpayers (as an LAQC would do).

CJ

[SEIBU]

Hello CJ,

I bought the property under my own name about 8 years ago, so I guess I`d have to restate from year 0.
I`m looking at another property, so I`m hoping it won`t have any adverse effect on that one in the future.
Anyway, I`ll do as suggested - Cheers.

SEIBU