Hi, need help with a really simple (I think) tax return question.
I was packing my home office today and found some recipts for work deductions for FY04/05 that I have not claimed. [stun]
Can I still claim these deductions and simply include them in my tax return for FY0506 ?
Thanks in advance ! [cap]
I know that we have back claimed when we have had similar situations with receipts for IP expenses that have been left out, but our accountant looks after the nuts and bolts, so I don’t know just how he does it.
If you do your own tax, give the ATO a call to ask them how to go about it. If you use an accountant, give them to him with the next lot of paperwork and he’ll look after it.
Wylie.
You may need to do a reverse tax audit.
CATA
Asset Protection Specialist
[email protected]You cannot claim them in this years return because your incomes will be different and this will result in different tax savings. You would have to do an amended assessment for the year they belong to. How much are you looking at here? It may be worth more hassle than savings.
Terryw
Discover Home Loans
Parramatta
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Exactly Terry.
Is the deduction worth claiming?
A reverse tax audit will cost you if your accountant has to do it.
The question is will the return outweigh the cost of the ammendment?I did this last year and for me it was worth it, but you may fing that if it costs you say $200 and all you will get back is $100, is it worth doing?
CATA
Asset Protection Specialist
[email protected]You can do an ammended tax return for the period that it relates to by simply including a copy of the original tax return and writing a note such as.
Dear ATO,
On review of my 2004/05 income tax return I have become aware that I made an error. Section D5 should read Stationery $150 not Stationery $20 as stated. Could this please be ammended to reduce my taxable income to $47,587 $130 less to correct my error,
Thanks
Joe BloggsI have done this before and it works, just include photo copies of receipts, original return, ect just to ensure that it gies through as easily as possible or it may confuse the person processing it. As mentioned see whether it is worth the hassle first!
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