Amending tax returns

From: Lotana Von Amor


Rolf, Dale, anybody in the know!

After receiving a very pleasing depreciation schedule from Deppro on an old IP I would like to amend my tax returns since 1997-98 (that is 97/98, 98/99, and 99/2000, I have not lodged 2000/01 yet). As far as I know, this can only be done for no more than 4 years. Would 97/98 be included in these 4 years or it is too far behind?

Thanks and regards,

Lotana
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

Yes, you should be able to amend your 1998 ITR but, I would act quickly. Good luck.

Dale
 
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Reply: 1.1
From: Tom Moschitz


Hi Lotana,
The ATO has recently granted my partner and I an extension of time to lodge an amendment to our 96/97 return.
We explained that we were unaware that we were entitled to claim depreciation and our previous accountant did not advise us of this, all of which was true. The ATO accepted this explanation.

cheers,
Tom
 
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