Tax Q

[~clover~]

Sorry guys, I thought there was a specific tax section, but this is the closest I could find...

So,

I started doing etax a few years ago. 05-06 I think was my first year. Before that we used accountants. I also used one in 06-07 (I think), thinking we might get more back, but ended up with the same estimate, but had to pay the accountant as well, so got less!

I only recently found out that I can claim accountant fee's back the next year Noone ever told me that!

So, tell me guys...Can I claim those old ones back this year, or can I only claim the previous year?

I also found a $360 reciept for some of DH's work stuff that I didn't claim a few years ago. I can't claim that one now can I?



I know its a tad late for tax stuff, but DH only just got his other major payment summary. Finally...Last year we didn't get it til November, & thats only coz I wouldn't leave them alone til I got it

TIA

[~clover~]

[briggsy's girl]

contact ATO about doing amended tax returns
you won't be able to claim accountant fees from several years ago on your current tax return as they aren't costs incurred in the previous financial year, so you'll need to do amended returns - not sure whether there are costs involved though

[sas85]

You can't claim previous financial year's expenses in the current financial year. You can lodge an amendment for the years they relate to- we often do them for our clients - I don't know if you can do it on e-tax though, obviously being an accounting business we don't use it. Yes, if you have a very basic, straightforward tax return and don't have many deductions if any you will not get back any extra using an accountant - of course you can be assured that an accountant will always claim the maximum amount and know all allowable deductions relevant to you

Having said that, consider whether it will be worthwhile your time and/or money in lodging an amendment if only for minor adjustments - many of our clients mistakenly believe they can get back the entire amount or the majority of claimed expenses when in reality what happens is your taxable income is reduced by the amount of claimed expenses. (So if you're in the 15c per dollar tax paying bracket (varies on your income) max you'd get back (if you're paid too much tax that is in the annum) on $350 expense would be about $50 KWIM)

Also your DH's employer is in breach of the law - they are supposed to issue the payment summaries within 14 days of the EOFY - maybe throw that in his face if he tries to pull it again. All the best.

[~clover~]

Thanks Sas. It was the law that got his summery out when he did last year. & that was coz I told the boss it was past DH's legal date to have it done. I ended up getting them to email it to me so I could have it, then coz it was so busy, I got an extra week through etax, so just got it in in time.

I won't worry about claiming previous years. We'll survive without. We did before, lol.

Thanks