1 Can you amend prior year income tax returns to claim Division 43 of the Income Tax Assessment Act 1997 (ITAA 1997) deductions per the provided quantity surveyor's report for the time period prior to ownership of the property?
No. This ruling applies for the following periods: Income tax year ending 30 June 20XX Income tax year ending 30 June 20XX Income tax year ending 30 June 20XX Income tax year ending 30 June 20XX The scheme commenced on: 1 July 20XX
The Company is an Australian Private Company. The Company acquired the property on XX December 20XX. The property is a commercial property and the whole property is currently used for income producing purposes. The property is not used as a hotel or apartment building. The property's construction completion date was XX August 19XX. The quantity surveyors report has been sighted.
Income Tax Assessment Act 1997 subsection 43-10(2) Income Tax Assessment Act 1997 subsection 43-15(1) Income Tax Assessment Act 1997 subparagraph 43-20(1)(a) Income Tax Assessment Act 1997 subsection 43-25(2) Income Tax Assessment Act 1997 section 43-70 Income Tax Assessment Act 1997 subsection 43-75(2) Income Tax Assessment Act 1997 section 43-75 Income Tax Assessment Act 1997 subsection 43-85(1) Income Tax Assessment Act 1997 section 43-90 Income Tax Assessment Act 1997 section 43-115 Income Tax Assessment Act 1997 section 43-215 Income Tax Assessment Act 1997 section 43-240 Summary As you acquired the property in the 20XX income tax year, the output of the formula in section 43-215 of the ITAA 1997 will be zero for all earlier years meaning there is no entitlement to a deduction for tho