AMENDED TAX RETURN FILING

While filing a tax return, sometimes you might accidentally make a mistake. Or you might forget to include some amount. In such a situation, you can submit an amended tax return with the rectification.

Usually, an amended tax return needs to the filed under the following circumstances.

• You missed out including an income while filing the return.
• You have included the wrong amount under income.
• You missed out including tax deductions.
• You deducted more amount than what you are eligible to deduct.

The above situations are very common while filing a return. And sometimes, you might even get a refund while filing an amended return.

The ATO makes use of sophisticated data matching programs to ensure that the income and deductions that you have claimed are accurate.

If by any chance, the ATO spots a mistake, you have to pay a hefty penalty even if the error was unintentional.

Just because you evaded the tax a few years ago does not mean that you can do the same thing year after year. There are cases where individuals are asked to pay fine for returns two to three years after lodging an incorrect return.

Don’t you think it is better to lodge an amended return now itself, rather than the ATO imposing a fine?

You can lodge an amended tax return up to two years from the date of the original lodgement. If you have made an error or missed out on some critical points, then you can let us know. We will help you get started on filing the amended return.

To get in touch with us call 1300 189 680 or email info@taxsolutionsbrisbane.com.au