Did you know you can backdate your tax turns?

I was doing an inspection of an investment property yesterday with a client of mine who I have done a few property depreciation schedules for in the past.  He wanted to share a funny story.

He had got the tax depreciation schedules done and sent them through to his accountant a few years ago.  He really thought nothing more about it.  Quite some time later (about 3 years later) he realised that even though the depreciation reports had been sent through, no claims for the Division 40 or Division 43 had been made.  What seemed to be a horrible mistake turned into backdated tax returns and he got many tens of thousands of dollars back in one fell swoop.

So I thought it was just people who did not have a tax depreciation schedule who would need to backdate there returns.  Maybe now.

The ATO states “If you still need to lodge a tax return for a previous year, it’s important to get up to date as soon as possible to reduce the risk of a penalty”.  The think it with backdating tax returns you may also get extra bonus interest.

For more detailed information always go to the source

https://www.ato.gov.au/Individuals/Lodging-your-tax-return/Prior-year-returns/

Are you claiming Tax Deprecation for your investment Property?

Since the May 10, 2017 budget I believe it is even more important to make sure you getting a tax depreciation schedule prepared and claiming all eligible deductions you are entitled to, before it is too late and you miss out!