The challenge was that a client came into our office, and whilst assessing their tax return, we noticed that the client did not depreciate property expenses for their investment property for many years.
We assisted the client in getting a QS and preparing the depreciation report. Usually, the amendment period is two years, and you can not amend it after two years. We assisted the client in using a particular niche ruling in the ATO to reverse the tax return outcomes for up to 20 years.
The client received a massive tax refund of over $50,000. He was thrilled by our great work in fixing his mistakes in the prior year’s tax returns and getting such a big refund.