Tax Return Mistakes ATO

Fixing a Mistake on your Tax Return

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With all the best intentions we can have, sometimes we make mistakes that we might not realise until a little hindsight gives us perspective. In trying to round up and collate all our info for our tax return mistakes can be made on them too – but no need to fret, we can get in touch with the ATO and made adjustments to get it right.

According to the ATO here are some common mistakes made in tax returns:

  • not reporting all assessable income (including applicable government payments)
  • claiming expenses that aren’t deductible
  • claiming the private portion of an expense as a business deduction
  • incorrectly reporting losses
  • not using proper business records to substantiate claims.

If you suspect you might have made a mistake on your tax return there are a few ways to make amends.

  • get in contact with your registered tax agent – which is us at STS Accounting.
  • Standard Business Reporting (SBR)-enabled software
  • Online services for business
  • a letter to the ATO
  • if you’re a sole trader then you can make corrections through MyGov

You have 2 years to amend your return, starting from the date you receive the notice of assessment. There’s no limit on the number of amendments you can make within this period.

If you’ve provided false or misleading information to reduce the tax you owe, you can correct this through a voluntary disclosure in the approved form. This generally reduces any penalties that may apply.

If you have any questions or queries in regards to your tax be sure to get in contact with us at STS Accounting.