Lodging a tax return can be a complex process, and errors or omissions can occur.
If you’ve discovered a mistake in your tax return, or if you’ve forgotten to include essential information, you may need to amend it.
When Should You Amend Your Tax Return?
You might need to amend your tax return if you’ve made a mistake, omitted income or deductions, or experienced a change in circumstances after lodging your return.
Some common reasons include:
- Errors in income or deductions: This could involve incorrect amounts, missing income sources, or claiming deductions you weren’t entitled to.
- Forgot to include income: If you forgot to declare any income, such as from a part-time job or rental property, you’ll need to amend your return.
- Overlooked deductions: If you missed eligible deductions, such as work-related expenses or donations, you can claim them through an amendment.
- Change in circumstances: Events like marriage, divorce, or starting a business might affect your tax obligations.
How to Amend Your Tax Return
There are two primary methods to amend your tax return: online and by mail.
Online Amendment:
This is generally the quickest and easiest method. You’ll need a myGov account linked to the Australian Taxation Office (ATO). Follow these steps:
- Log in to your myGov account and select the ATO.
- Go to ‘Manage tax returns’.
- Select ‘Amend’ next to the income year you want to change.
- Follow the online prompts to make the necessary corrections.
- Submit your amended return.
By Mail:
If you prefer to amend your return by mail, you’ll need to complete the ‘Request for amendment of income tax return for individuals’ form.
This form is available on the ATO website. Once completed, send it to the address specified on the form.
How Long Do You Have to Amend Your Tax Return?
You generally have two years from the original lodgement date to amend your tax return.
However, if you believe the ATO has made an error in your assessment, you can lodge an objection within a specific timeframe.
What Happens After You Amend Your Tax Return?
Once you’ve submitted your amended tax return, the ATO will process it.
If you’ve overpaid tax, you’ll receive a refund. If you owe additional tax, you’ll need to pay the outstanding amount.
Can I Amend My Tax Return Myself?
Yes, you can amend your tax return yourself.
However, if your situation is complex or you’re unsure about the process, it’s advisable to seek professional help from a registered tax agent.
What if I Don’t Amend My Tax Return?
Failing to amend your tax return when you know it’s incorrect can lead to penalties and interest charges.
You need to rectify any errors as soon as possible to avoid these consequences.
Can I Amend My Tax Return for a Previous Year?
Yes, you can generally amend tax returns for previous years within the two-year timeframe.
However, there might be exceptions or limitations depending on the circumstances.
How Long Does It Take for an Amended Tax Return to be Processed?
The processing time for an amended tax return varies. Online amendments are typically processed faster than paper-based ones.
The ATO provides estimated processing times on its website.
What if I Disagree with the ATO’s Assessment After Amending?
If you disagree with the ATO’s decision after amending your tax return, you can lodge an objection.
This process involves providing evidence to support your claim.
Amending your tax return can be an easy process if you follow the correct steps.
When you know the reasons for amending, the methods available, and the potential consequences, you can confidently rectify any errors in your tax return.
If you’re not sure about any aspect of the process, I recommend that you seek professional advice.