Adjusting previous tax returns to capture missed depreciation
Are you an investor and have only recently become aware of a tax depreciation schedule and the deductions that are available for your investment property? Firstly, welcome to the party! Secondly, let’s tackle this right now as you might be missing on valuable returns!
If you have held an investment property for a prolonged period of time and have not claimed any depreciation yet, you are legally entitled to amend the previous two years tax lodgements.
The ATO states:
“You have two years from the day the notice of assessment is given by the Commissioner to lodge a within time amendment request. If the time limit has passed, you can’t request an amendment, but you may be able to lodge an objection. While the time limit for lodging amendments and objections is the same, you can request an extension of time to lodge an objection in some circumstances.”
Our tax depreciation schedules are pro-rata’d to the date your property started earning you income and last for forty years from this date. Once we have completed your report, get in touch with your accountant so they can take the necessary steps in claiming depreciation for the financial years you may have missed, and put money back in your pocket.