Initiatives to complement self-assessment

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

There are a number of initiatives administered by the ATO which complement self-assessment. Examples include:

• a change in penalty provisions so that, if you take reasonable care with your tax affairs, you will not receive a penalty for honest mistakes – but please note that a general interest charge on omitted income or over-claimed deductions and tax offsets could still be payable
• the process for applying for private rulings
• your entitlement to interest on early payment or over-payment of a tax debt, and
• the process for applying for an amendment if you find you have left something out of your tax return.