Hi all,
First time poster here. Hope people can help or give some advice.
Had my depreciation schedule done last year 2011 on my investment properties. I was told that I can claim back 3 years of depreciation. I did my tax return last year around October for FY 2010/2011 incorporating my depreciation for that FY. I was informed by my accountant that I can amend my previous 2 years of tax returns (ATO assessments) to include these depreciation from the schedule. He never mentioned anything about the fact that there is a time limit to amend your previous tax returns (ATO assessments).
I went to my accountant in January 2012 to request and pay him to submit to the ATO for amendments to my previous years tax returns (ATO assessments); FY 2008/2009 and FY 2009/2010. There was a long delay (accountant's fault - and yes, I will sack him) where he basically was unable or failed to lodge my amendment requests to the ATO until 08/09/2012.
I recently have received a letter from the ATO stating that there are time limits for lodging amendment requests and that my FY2008/2009 tax return (ATO assessment) amendment request is out of time as it was not received within 2 years. It then further state that I can object to their decision and refer me to their website for more information.
My question is do I have a leg to stand on in terms of objecting their 2 year time limits? Any possible / feasible reasons to object their decision??? Accountant lodged amendment requests late (beyond my control) - good enough reasons???
Any help or advice would greatly be appreciated.
First time poster here. Hope people can help or give some advice.
Had my depreciation schedule done last year 2011 on my investment properties. I was told that I can claim back 3 years of depreciation. I did my tax return last year around October for FY 2010/2011 incorporating my depreciation for that FY. I was informed by my accountant that I can amend my previous 2 years of tax returns (ATO assessments) to include these depreciation from the schedule. He never mentioned anything about the fact that there is a time limit to amend your previous tax returns (ATO assessments).
I went to my accountant in January 2012 to request and pay him to submit to the ATO for amendments to my previous years tax returns (ATO assessments); FY 2008/2009 and FY 2009/2010. There was a long delay (accountant's fault - and yes, I will sack him) where he basically was unable or failed to lodge my amendment requests to the ATO until 08/09/2012.
I recently have received a letter from the ATO stating that there are time limits for lodging amendment requests and that my FY2008/2009 tax return (ATO assessment) amendment request is out of time as it was not received within 2 years. It then further state that I can object to their decision and refer me to their website for more information.
My question is do I have a leg to stand on in terms of objecting their 2 year time limits? Any possible / feasible reasons to object their decision??? Accountant lodged amendment requests late (beyond my control) - good enough reasons???
Any help or advice would greatly be appreciated.
