Had 4 clients receive letters recently from the ATO in relation to their 2012 returns.
Basically letter says you may have incorrectly made claims to your borrowing expenses. They then show a schedule of the borrowing expenses claimed and show another table by the amount they intend to adjust. They basically take away all thr borrowing costs.
They give you 28 days to respond or they will presume your claim is wrong. Doesnt mean you are wrong but have to provide evidence of your calculation.
Not exactly a kosher way of doing things in my opinion.
Basically letter says you may have incorrectly made claims to your borrowing expenses. They then show a schedule of the borrowing expenses claimed and show another table by the amount they intend to adjust. They basically take away all thr borrowing costs.
They give you 28 days to respond or they will presume your claim is wrong. Doesnt mean you are wrong but have to provide evidence of your calculation.
Not exactly a kosher way of doing things in my opinion.