- Richo77Participant@richo77Join Date: 2013Post Count: 6
I do apologise if this question has been asked but I could not find the answer to my specific situation.
I had purchased an investment property in 2010 financial year and since then I have not claimed the borrowing expenses as I was not aware that I could. Can someone explain how far back I can backup claim for the years that I have missed the borrowing costs, Is it a maximum of 2 years back and from there start with the first year claim amount etc?Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
It's a good question. I know it's a mundane response but advice on retrospectively claiming costs against income is one that I'd put to your accountant. If you need a recommendation for one in you're area than it wouldn't hurt starting a new post.
JamiePLCParticipant@plcJoin Date: 2012Post Count: 400
Previous tax returns can be changed through amendments (I had to do it once), however from memory the time limit on how far back the ATO allows depends on the taxpayers structure.
As Jamie mentioned, see your accountant and ask them for an answer.
TomQueensland touristMember@queensland-touristJoin Date: 2011Post Count: 6
Richo, Quick search of ATO suggests there is a 2 year limit on individuals and small business.
Give the ATO a ring and they can lead you towards the forms to be completed for amendment.