In this month’s QS corner… we look at backdating tax returns.
From my experience most property investors think they are only able to backdate their tax returns up to two years, if they have missed not claiming certain deductions, like depreciation.
However, the good news is, this doesn’t apply to all property investors according to an article I recently read from BAN TACS Property Accountants. The article explains that if you buy a property with a partner or you are a beneficiary of a trust you may be entitled to amend your last four tax returns.
BAN TACS suggested that it may prove somewhat difficult to receive these deductions, and in some instances, you may even have to apply to the Inspector General of Taxation in order to get the approval from the Australian Taxation Office.
BAN TACS argues that if you stick to your guns, it is possible to receive the full four years of tax deductions that you are entitled to.
If you haven’t claimed depreciation on your property, speak to your accountant, and fight for what you're legally entitled to. Who knows, you might be entitled to thousands of dollars in deductions!
Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
Read more Expert Advice articles by Tyron
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.