Tax deductions from previous years?

[Nyden]

Greetings all!

Alright; just a couple of questions here -

Can work-related expenses from last year (that were forgotten about) be claimed as a deduction this year? If so, do the same thresholds apply?

Regards, & thanks in advance
Nyden

 

[Trembling Hand]

Some thing you should ask the ATO or Accountant but from my experience no. You would have to contact the ATO and resubmit a claim for previous years and they will recalculate that years Tax return.

 

[Nyden]

Some thing you should ask the ATO or Accountant but from my experience no. You would have to contact the ATO and resubmit a claim for previous years and they will recalculate that years Tax return.

Ah well, it's a paltry amount anyway, I'm just seeing as to what my return will be this year - trying to maximise it. Unfortunately, I've been rather naughty with receipts this year; & am mostly stuck with unsubstantiated thresholds.

 

[Whiskers]

Some thing you should ask the ATO or Accountant but from my experience no. You would have to contact the ATO and resubmit a claim for previous years and they will recalculate that years Tax return.

That's about the size of it.

If they are expenses that aught to have been claimed last year the proper proceedure is to lodge an 'Ammended Tax Return' for last year.

All that involves is writing a letter clearly headed 'Ammended Tax Return' for x period with all your details and listing the particular section/s that you want ammended.

 

[adobee]

my understanding is that you can back claim for three years without a problem .. ? however i would check this with the ato .. i recently had a client who had two investment properties and her accountant had never advised or claimed depreciation for her.. she was able to claim back three years i believe.. i suggested she claim back the accountants fees as well... unbelievable he actually sent her a bill for the work ammending the returns.. this was a franchise account she had used for numerous years...

 

[son of baglimit]

pretty well summed up........

the rules are :
for those with very simple returns (no CGT, no rental, no investment deductions, not running a business) the closing date for amendments is 2 years after the original due date (31/10 if you lodged yourself, at least the following march for others)

and

4 years for others.

older amendments are possible, but you need a decent excuse.

and nyden - search substantiation rules on ato.gov.au