Tax Amendments

mistake on your tax return

 

 

Made a mistake on your tax return?

 

If you have made a mistake or need to amend your tax return, it is important you lodge an amendment as soon as you’ve realized the error made on your original return.

 

It is important to note that time limits apply for lodgment of amendments. The law sets time limits for amending your tax assessment.

 

For individuals and small businesses the time limit is generally two years, and for other taxpayers four years, from the day after ATO has issued you the notice of assessment for the year in question (generally taken to be the date on the notice or, if ATO doesn’t issue a notice, the date the relevant return was lodged).

 

For example, you’re a sole trader and receive a notice of assessment dated 8th December 2015. Your two-year amendment period starts on 9th December 2015 (the day after the date on the notice) and ends two years later, on 8th December 2017, so you have until that day to lodge a request for an amendment to that assessment.

 

You can submit more than one amendment request within an amendment period.

 

The time limit gives you certainty about your tax affairs because it means ATO can’t amend your tax assessment after the time limit has passed (except in some exceptional situations such as tax evasion or fraud).

 

If you want to amend a tax return after the time limit has passed, you may be able to lodge an objection. While the time limit for lodging amendments and objections is the same, you can request an extension of time to lodge an objection in some circumstances.

 

For assistance please contact Expert Tax on 0449 952 855 or send us your query via our website – www.expert-tax.com.au

 

You can also email your query at info@expert-tax.com.au, we will endeavor to reply to your query as soon as possible.