Tax deductions for 3 years, in 1 financial year??

[Whishy]

Hi,

Quick question and hopefully a very easy one.. Believe it or not I didnt get quite a direct answer from my accountant.


I have never claimed interest losses whilst renting out my property for the last 3 years.

Am I able to claim interest losses from time of initially renting it out, to the present (3 years) in this current financial year??

For example, for 3 years since the tenancy agreement was signed, I have paid $57,600 interest, and received $36k in rental income.

Im guessing the difference is a 100% tax deduction??

Furthermore, can I claim depreciation, maintenance and renovation costs for the 3 years, within the one financial year??

Any other deductions I should be reminding my Accountant about?

Thanks guys, really appreciate it.

 

[luckyone]

No, you will have to go back and make an amendment to the tax returns you have filed for the relevant years. You can claim back up to 4 years I believe.

 

[Whishy]

No, you will have to go back and make an amendment to the tax returns you have filed for the relevant years. You can claim back up to 4 years I believe.

Thank you for your quick answer..

I should have known it wouldnt be simple.

 

[MRO]

Luckyone is correct. Amendments need to be done, right after you find a new accountant.

 

[Whishy]

Luckyone is correct. Amendments need to be done, right after you find a new accountant.

I agree with you.

Not so regarding the returns as these were at the fault of mine, but more so given the fact I have to ask a general forum for the answer she should have given me then and there.

Sad state of affairs when I cant trust an accountant for advice.

(This is in no way directed as accountants as a whole, simply the individual who i dealt with and left lacking confidence)

Is there much involved in amending returns in previous years?? Is this easily done during tax time by the accountant, even if I did the eTax myself?

 

[MRO]

Easily done by accountant (they will probably want copies of the original return) or simply prepare your own amendment (call ATO to ask what format they want it in).

I used to be a tax accountant a bit over 10 years ago. There are some good ones and some very bad ones so i understand your comment.

Your question is very straight forward and any competent accountant should have answered instantly.