We know you want your tax return done as quickly and easily as possible. It helps to get it right! Here are some tips to help you avoid making a mistake or to fix one.
First up – you need to lodge a tax return, even if your business hasn’t earnt any income this year.
To help avoid mistakes in your return:
-
double-check your answers to questions
-
report income from all sources, including government support payments
-
only claim deductions you’re entitled to
-
complete your tax return using business records.
If you realise you’ve made a mistake, forgotten something or given us incorrect information, you can amend your return through:
-
your registered tax agent
-
myGov if you’re a sole trader
-
Standard Business Reporting (SBR)-enabled software.
You can also request an amendment through Online services for business.
The time limit to amend a return is usually two years.
You can also make a voluntary disclosure. Voluntary disclosures cover mistakes and false or misleading information and need to be made in an approved form.
Remember, we can help you with your tax, speak to us today on 02 9553 9293.
Source: ato.gov.au November 2021
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/What-to-do-if-you-make-a-mistake-on-your-return/.
Important:
This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
