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Making Amendment To Your Tax Return Lodgment

Did you made an error while lodging a tax return? Or Do you think we made an error while processing your tax return? Don’t worry, any mistake made on your tax return on your behalf can be corrected. If we’ve made an error, phone us to get it sorted out without the need for an amendment.

Amendments are a part of the self-assessment system. The mistakes that may need to be amended on your tax return are:

  • made an error when answering a question
  • forgotten to include income or capital gain
  • something changed after you lodged your tax return, such as:
  • receiving a revised or changed payment summary
  • employer finalising or updating your income statement
  • repaying an amount of income you were overpaid
  • forgotten to claim an offset or deduction

Time Limits On Tax Return Amendments

When it comes to submitting an amendment, the time limit for individuals and sole traders is two years starting from the very next day an assessment notice is sent. If you have missed filing an amendment in this time limit, you can opt for lodging an objection.

Though the time limit for lodging amendment and objection is the same, an extension of time to lodge an objection is granted in some circumstances. Multiple amendment requests can be submitted within the review period.

Lodge An Objection On Tax Return

In case, you have missed to file an amendment, you can lodge an objection. This is done if:

  • you want to dispute the law
  • you want to dispute the facts used for your tax affairs
  • you want to lodge an amendment outside the time limit.

Outcome Of Decision After An Amendment

If your amendment reduces the tax you owe, you’ll receive a tax refund. But, in case, it increases the tax you owe, we treat the amendment as a voluntary disclosure that needs to be in an approved form, such as:

  • a letter to the ATO
  • an online amendment in ATO online services through myGov
  • the paper form ‘Request for amendment of income tax return for individuals’

So, these were the situations where individuals and traders are allowed to file an amendment and objection for their tax returns. If you want professional guidance or assistance of a registered tax consultant to help with the process, feel free to contact us at KPG Taxation.