TAX AMENDMENTS
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.
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