Challenge
The challenge emerged when a client enlisted our services to aid with their tax return. Following a comprehensive assessment, we uncovered a significant oversight—the client had failed to account for property expenses depreciation on their investment property for multiple years. Consequently, it became imperative amending prior year tax returns.
Solution
To tackle this issue, Endurego Tax provided vital assistance to the client by facilitating their collaboration with a proficient Quantity Surveyor (QS) and meticulously crafting an extensive depreciation report. Ordinarily, tax return modifications are constrained within a two-year timeframe, with no amendments allowed beyond that period. However, we leveraged an exceptional niche ruling within the Australian Taxation Office (ATO) to successfully reverse the tax return outcomes for an impressive span of up to 20 years.
Result
Our efforts led the client to a substantial windfall—a remarkable tax refund of over $50,000—leaving them elated and genuinely appreciative of our work in amending errors in their prior year tax returns. This successful outcome not only fulfilled their expectations but also strengthened our reputation for delivering outstanding service and complete financial solutions.
As we move forward, EndureGo Tax, a fully licensed Australian Registered Tax Agent, is here to support you in navigating your financial journey. As Australia’s premier accounting firm serving Inner West Sydney, Ashfield, Belrose, Northern Beaches, and Adelaide, we’re committed to helping you make informed decisions that ensure the success and stability of your business. Visit our website to discover our tailored services designed to help you endure and thrive in the face of growth challenges.
