Tax depreciation

[m.sewell]

Hi guys,
Just a quick question about one of my IPs. I have owned the property for 6 years but only just got a tax depreciation report done. Is it only two years I can go back to amend tax returns?If so, to get 2012/2013 amended will I need to get it done before end of this financial year?

Cheers

 

[D.T.]

Your depreciation schedule has previous years?
You can lodge an amended return without too much trouble. Doesn't have to be before this years.

 

[m.sewell]

Yeah when I got it done this year they started it from 2012. I'm hoping I can go back further but I read it was only two years

 

[Paul@PFI]

Most taxpayers have a two year amendment period. This is based on the date of the issue of the notice of assessment. The ATO will refuse to amend outside that period (and they are prohibited too except if it is fraud & evasion)

Some taxpayers can amend up to 4 years. Its complex and I cant define it here but if you have business income, partnership income or trust income you may be eligible.

 

[m.sewell]

Thanks guys