Howdy again,
Can anyone answer this one: My now ex-accountant, failed to claim most of my borrowing costs on an already amended return,so i am too nervous to amend it a second time to make these claims.So,can previously unclaimed items such as borrowing costs & interest be
A) added as a capitol cost,so i dont have to re-amend (I am nervous this would send “red flags” to ATO)
or
even if it’s not claimed in one year,can it be picked up in any future years??
This bit of info may help others also:
My understanding is,that borrowing costs are deductable over 5yrs,or the period of the loan, whichever is shortest.This then means if you refinance,& as a result close an i.p. account,the loan is effectivly over,& you can claim all those costs within that year! Another gift from the tax-man![biggrin][strum]You can go to a new accountant and relodge a return providing you have all relevant document as we did that a few years ago.you must find one that deals in property though. Chefman.
Hi Misty,
You can amend the last four returns and as we are drawing to the end of this financial year you are running out of time for the oldest eligible return.
I don’t believe it will possible to ‘transfer’ deductible expenses across to capital expenses.
You only need worry about being auditted by the ATO if you push the envelope too far – if all expenses are substantiated then you will not have a problem.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
even if it’s not claimed in one year,can it be picked up in any future years??
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