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17 September 2018 09:54 AM - edited 17 September 2018 09:55 AM
Views 2792
Replies 5
I recently got a Depreciation and Capital Allowances Schedule for an investment property I owned for over 2 years. I was told I cannot amend the tax return for FY16 for the depreciation incurred in that income year. Is there a way to carry forward this "loss" to a later income year? If so, how can I do it? Thanks.
Hi @hi11arious,
Welcome to ATO Community! Thanks for your question. We can provide you with general information here on our community.
You have two years from the day the notice of assessment is given by the Commissioner to lodge a within time amendment request. If 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.
Contact us on 13 28 61 between 8am and 8pm, Monday to Friday, so you can speak to an operator in more detail.
I hope this helps, JodieM
Give the ATO a call.
My understanding is you can amend 2 previous years.
Have you lodged your 2018 return?
Duncan
The depreciation schedule should be dated from the time you purchased the property. If you are over the time limit to amend, you should be able to put in an objection to the time limit and have any relevant returns amended. We were able to have returns amended for a client for about seven or eight years by using this method (amendment was also due to claiming depreciation with a schedule).
I would suggest that any Property Investor should use a Tax Accountant.
As this article shows, the tax law regarding Investing is complex.
A Tax Accountant should be advising their clients of the benefits of a Quantity Surveyor (QS) Report.
As Annette, mentions Depreciation is claimed on an annual basis and cannot be carried forward to future years.
Duncan
Hi @hi11arious,
Welcome to ATO Community! Thanks for your question. We can provide you with general information here on our community.
You have two years from the day the notice of assessment is given by the Commissioner to lodge a within time amendment request. If 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.
Contact us on 13 28 61 between 8am and 8pm, Monday to Friday, so you can speak to an operator in more detail.
I hope this helps, JodieM