Money Doesn’t Come Without Guidance ...
After providing all the information to Australian Taxation Office (ATO) regarding your tax return statement, you realise that you have left out some information or made a mistake, then you can immediately request for an amendment to correct it. Some of the common mistakes are:
Time Limit on Amendment:
The time limit on amendment of tax return is generally two years for individuals and small businesses, whereas for other taxpayers it is for four years. It is counted from the day after you have received the notice of assessment for the required year. But if the time limit has been overlapped then you have to lodge an objection, which sanctions extension under specific circumstances.
How to request for an Amendment:
The amendment request depends on the type of taxpayer you are:
|Type of taxpayer||Options available|
|Companies, sole traders, partnerships, trusts, super funds other than SMSFs||
|Self-managed super funds (SMSFs||
|Registered tax agents on behalf of any type of taxpayer||