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
As a result of our efforts, the client experienced a substantial windfall—a staggering tax refund exceeding $50,000. This outcome left them elated and deeply appreciative of our exceptional work in rectifying errors in their prior year tax returns and securing such a significant refund. Our ability to effectively address their predicament and deliver a positive outcome not only met their expectations but also further solidified our reputation for providing excellent service and comprehensive solutions.
Transitioning forward, EndureGo Tax, a fully licensed Australian Registered Tax Agent, stands ready to guide you through your financial journey. As Australia’s leading accountant in Inner West Sydney, Ashfield, Belrose, Northern Beaches, and Adelaide, we are dedicated to assisting you in making well-informed decisions that safeguard the well-being of your business. Visit our website to explore our comprehensive range of services, specifically tailored to empower you to endure and thrive amidst the challenges inherent in growing your business.
