As the question summary implies, I have a tax return that I need to amend (missing capital allowance and works) from 2017/2018. I was a little surprised to find out that I am not able to make these amendments as no more than just over 2 years have passed since lodgement. What (if any) are my options at this point?
Help greatly appreciated.
Hi @JebiteseSvi
The law sets time limits for amending your tax assessment. For individuals the time limit is generally two years from the day after we give you the notice of assessment for the year in question (generally taken to be the date on the notice or, if we don't issue a notice, the date the relevant return was lodged).
The time limit gives you certainty about your tax affairs because it means we can't amend your tax assessment after the time limit has passed (except in some exceptional situations such as evasion or fraud). If you want to change a tax return after the time limit has passed you can't request an amendment, but you may be able to lodge an objection. While the time limit for lodging amendments and objections is the same, you can request an extension of time to lodge an objection in some circumstances.
We recommend you have a read of our information on decisions you can object to and their time limits for more assistance.
All the best!
Hi @JebiteseSvi
The law sets time limits for amending your tax assessment. For individuals the time limit is generally two years from the day after we give you the notice of assessment for the year in question (generally taken to be the date on the notice or, if we don't issue a notice, the date the relevant return was lodged).
The time limit gives you certainty about your tax affairs because it means we can't amend your tax assessment after the time limit has passed (except in some exceptional situations such as evasion or fraud). If you want to change a tax return after the time limit has passed you can't request an amendment, but you may be able to lodge an objection. While the time limit for lodging amendments and objections is the same, you can request an extension of time to lodge an objection in some circumstances.
We recommend you have a read of our information on decisions you can object to and their time limits for more assistance.
All the best!
Hi @YianaATO Thank you for the information - where you say,' We recommend you have a read of our information on decisions you can object to and their time limits for more assistance.' I am not sure where I can source this information please? I have just been suddenly sent an Assessment of Land Tax from NSWGov covering 5 years, which is a shock, and I will need to amend all 5 years income tax statements, or i will be in serious debt
Hi,
I believe the div 40 capital allowance can be back-claim in the current year tax return. - Can anyone confirm?
Hi @GY_Emma
It'll depend on the circumstances. We've got a very detailed explanation of how it works. Check it out in this similar post.
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