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  • Benefits of correcting mistakes

    If you have paid too much tax

    If your correction means you have paid too much tax, after reviewing the information you provide and verifying with our records if needed, we will do one of the following:

    • pay it back to you with any interest we owe you on the amount you overpaid
    • apply the amount and any interest we owe you to any other outstanding tax debts you may have.

    You will not have to pay any penalty or interest charges if your correction:

    • reduces the amount of tax you have paid, or must pay
    • increases the credits, tax offsets or other amounts you can claim.

    If you owe more tax

    Telling us you have not paid enough tax or you have claimed too much credit is called making a voluntary disclosure. If you tell us enough information for us to work out the amount of extra tax owing before we tell you we intend to examine your tax affairs, it is also called an amendment request.

    If your correction means you must pay more tax or repay credit you were not entitled to, you may have to pay:

    • the increased amount of tax
    • a shortfall penalty
    • interest charges.

    However, if you do make a voluntary disclosure, shortfall penalty may be reduced in part or in full and, if you make the voluntary disclosure before being notified of a tax audit, some of the interest charges may be remitted. You have to ask us to remit them.

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    Last modified: 27 Oct 2016QC 50383