It is very common to make mistakes on your tax return but you don’t have to worry if you’ve missed something or forgot to mention a deduction or tax credit because you can amend these mistakes using an amended return. If you realize that you have left something out or made an error, you should request an amendment as soon as possible. Because sometimes there are certain limits to making corrections and you might have to pay in terms of interest or penalties for the mistakes or wrong information. Below are some tips that can be helpful while amending your tax return:
When do you amend your tax return?
There are many reasons why should amend your tax return. For example if you have wrongly mentioned your filing status or your income or forgotten to claim an offset etc.
When you don’t amend your tax return?
In case of any math errors in your tax returns, they usually correct them. If a form is missing, they’d request you to add the missing form too.
Mostly the time in which you can correct or change a tax return is four years after you have been notified for assessment depending on the kind of tax. In case of income tax for most individuals or small businesses, the “Period of Review” is two years and four years for other taxpayers.view website here!
Below are instructions on how you can request a change or correction in your tax return, statements or other claims.
1. You should make a copy of everything that you have sent to us when you asked for amendment(s)
2. If you’ve corrected the mistake, keep the record for at least five years. You’d have to keep the records until the end of your period of review.
If you think the Australian Taxation office has made a mistake processing your tax return, you can phone them asking for an amendment.
Lodge an objection:
You can use the process of amendment to make sure all the mistakes are corrected in your tax return. If you think that the ATO has made a mistake and the facts or figures that they’ve used are not correct and you want to dispute the law then you’d have to lodge an objection.
● If in accordance to the amendment, the tax that you owe is lowered, you’ll receive a tax refund, that is if you have no other tax debts to pay.
● If the amendment results in increasing your tax than the previous amount, the ATO would think of it as a case of voluntary disclosure of unpaid tax. You’ll still have to pay for any other unpaid taxes. But you’ll probably get concessions on different penalties or fines and other interest charges.
Tax Return 24/7 is the best way to claim tax refunds in the most efficient way. They specialize in getting your tax return complete over the phone at anytime and anyplace. They are a team of experiences tax consultants that operate in Australia but they give services to clients worldwide. Get further details on their website, https://www.taxreturn247.com.au/