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?
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 MeMortgage Broker assisting clients Australia wide Email: [email protected]
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
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.
Thankyou all for your comments.
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