Did you file your taxes incorrectly? You’re not alone — and it’s repairable most of the time. So, if you’re from Melbourne, finding yourself asking if it is too late to make amendments, the good news is most of the time you can make changes and it’s OK as the Australian Taxation Office (ATO) understands we all make mistakes.
Whether it is forgetting a deduction or a miscalculated income figure, early remediation prevents the penalty. Tax credits like these are easy to overlook, but skilled tax accountants can help identify errors for you. Here’s what you need to know.
Am I Still Able to Amend My Return?
Yes, in most cases. The ATO allows taxpayers to re-adjust their tax return within two years of receiving a notice of assessment. This duration is for individual and sole trader returns.
So, for example, if you lodged your return on 1 November 2023 and received your assessment in the next few days, you have until November 2025 to make amendments.
But some crimes, such as fraud or tax evasion, have no statute of limitations. Regardless of where you are on the spectrum, tax accountants Narre Warren can assist you to make sure you don’t take missteps and stay compliant.
Reasons You Would Want to Change a Tax Return
Amendments are often requested for the following reasons:
- Excluding money earned from side jobs or freelancing activities
- Skipping work deductions
- Bank interest or dividend figures that are wrong
- Errors in claiming offsets or credits
The ATO won’t punish an honest mistake as long as you fix it now so don’t stress. But if you omitted information that you knew was relevant, that is another matter.
How to Amend a Tax Return
You may repair your return using:
- myGov: Easy, provided that you have linked your ATO account and filed online
- Tax agent: If you have a complicated issue or a sizable refund
- Paper form: If filed before or if you’d like to fill it out by hand
If you are fixing several years, every return you are amending must be fixed individually. Allowing experienced tax accountants to assist in uncovering the errors assures that any corrections are correct and thorough.
What Occurs Once You Submit an Amendment?
Once your correction is received by the ATO, they will reconsider the return. This may result in:
- A refund if you’ve overpaid
- A tax bill if you owe more
- Nothing if it’s not going to affect it either way
Processing time usually takes around 20-50 working days. You will receive a new notice of assessment in which any changes are reflected.
When It’s Time to Call in the Pros
Making a simple return can seem easy. But if you’re dealing with:
- Multiple income sources
- Business deductions
- Capital gains/investment income
… it’s wise to seek out expert help. An ATO registered tax agent will make sure your documents match the ATO requirements and no mistakes are made leading to expensive fines.
Stay Ahead Next Time
To spare yourself repeat problems, once a year go over your filing and hold on to all related paperwork for five years, at least. To avoid rushing at the last minute, review your tax returns annually.
If you live in Melbourne’s southeast, an accountant who specialises in tax returns Narre Warren will give you peace of mind each tax time.
Final Thoughts
Revising your tax return is seldom too little, too late, unless you’re outside the ATO’s timeframes. Don’t wait for fear or confusion to inform your action. Begin by reading over it, prepare your paperwork and talk to an expert.
Experienced tax accountants can help you to pick up on these mistakes, and you’ll never be charged with unnecessary fines and they will ensure that your tax returns Narre Warren are accurate and hassles free.
