Forums / Property Investing / Help Needed! / Claiming missed borrowing expense deductions

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of Richo77Richo77
    Participant
    @richo77
    Join Date: 2013
    Post Count: 6

    Hi,

    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?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Richo

    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.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post 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.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of Queensland touristQueensland tourist
    Member
    @queensland-tourist
    Join Date: 2011
    Post 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.

    http://ato.gov.au/General/Correct-a-mistake-or-dispute-a-decision/Correct-%28amend%29-an-income-tax-return/Amendments/

    Profile photo of Richo77Richo77
    Participant
    @richo77
    Join Date: 2013
    Post Count: 6

    Thankyou all for your comments.

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic.