Hi,
I have vacant block ofl and on which i have been claiming tax deductions for the expenses like council rates, water etc...
I know these are allowed if we have an intention to build in near future and this has been my real intention till now....
However now i dont think its feasible for me to build on it anymore (not atleast next couple of years) and so accordingly i am not claiming any deductions for tax purposes in last years tax return....
I will like to know if i need to go back and modify my previous years tax (in which i claimed tax deductions for this block) return to reflect my new decision...and pay more tax for those years???
Any advice will be greatly appreciated....
Thanks-
I have vacant block ofl and on which i have been claiming tax deductions for the expenses like council rates, water etc...
I know these are allowed if we have an intention to build in near future and this has been my real intention till now....
However now i dont think its feasible for me to build on it anymore (not atleast next couple of years) and so accordingly i am not claiming any deductions for tax purposes in last years tax return....
I will like to know if i need to go back and modify my previous years tax (in which i claimed tax deductions for this block) return to reflect my new decision...and pay more tax for those years???
Any advice will be greatly appreciated....
Thanks-