So, you’ve buggered up your Income Tax Return and now you need to fix it?

If you’ve left something out, made a mistake, or your circumstances have changed after lodging your income tax return then there are ways to correct it.  Failure to correct something that is incorrect could see penalties and fines imposed by the Australian Taxation Office (ATO).

If you have discovered the error before you have received your notice of assessment, then it’s best to wait until a tax assessment has issued.  This will ensure there is no confusion with the amendment.

You have two years from the date of assessment to request an amendment to your tax return. If you’re outside this time period, then you will have to seek other options to have the matter rectified.

Amendments are used to correct the data in your Income Tax Return and can relate to the inclusion/exclusion of income, the correction of overstated expenses, the addition of unclaimed expenses and any adjustments to the various rebates available.

There are a few ways you can amend your Income Tax return:

Go back to the tax agent that lodged your original return.  They will have all your original details and can act swiftly to rectify the matter.  If it was us… then log into your Gotax tax account and “Contact Us” with a message explaining the situation to be rectified.

You can go online through the ATO online services via myGov. You can access your tax return details and make changes online. You will need a myGov account linked to the ATO to use this service.

 You can complete a paper amendment form. You can download the form 'Request for amendment of income tax return for individuals' from the ATO website and send it by fax or mail to the ATO. This method takes longer to process than online.

You can send a letter. You can write a letter to the ATO requesting an amendment to your tax return. You need to include your name, address, date of birth, tax file number, contact details, income year, and details of the changes you want to make.

If your amendment reduces the tax you owe, you may receive a refund (unless you have other tax debts).  If it increases the tax you owe, you may have to pay interest and penalties.

Check out the best online tax return site in the country…  gotax.com.au

Get entertained with our gotax videos.

Get your records in order with the gotax “Deduction Grabber” App, just scan the code…

Or check it out more…  deductiongrabber.com.au