We understand mistakes happen when completing your business tax return; whether you forgot to include income, overlooked a deduction or entered incorrect details. So, if you've lodged it and later realise something is missing or incorrect, don't panic. Your business may be eligible for more time where you can request an amendment to correct the information.
Check if you're eligible for more time
For income years starting on or after 1 July 2024, businesses with an aggregated annual turnover of less than $50 million can generally request an amendment at any time within 4 years from the date of their assessment.
It’s best to lodge your amendment request as soon as you become aware of an error, to help ensure it’s fixed within the time limit.
How to request an amendment
You can request an amendment through:
- your registered tax practitioner
- Standard Business Reporting (SBR)-enabled softwareExternal Link
- Online services for business
- a letter to us
- myGovExternal Link, if you're a sole trader.
If you've provided information that was false or misleading, making a voluntary disclosure may reduce penalties that could otherwise apply.
Remember to keep accurate records to support any amendment request. Reviewing your records against the original documents can help identify errors and ensure your reporting is accurate.
While a registered tax practitioner can help you prepare and lodge your return, you're ultimately responsible for the information reported and claims made.
Find out more about amending your business tax return.
Access free resources
To help you navigate tax time, explore our Tax time toolkit for small business. It brings together helpful information, tools, calculators and a range of Small business guides in one convenient place, making it easier to prepare, lodge and stay on track at tax time and throughout the year.
You can also build your knowledge through our free, self-paced courses, using Essentials to strengthen your small businessExternal Link.
For tailored advice about your tax and super needs, speak to your registered tax practitioner.
Keep up to date
We have tailored communication channels just for small businesses – so you’ll always be up to date with the latest information and changes relevant to you.
Explore more articles in our Small business newsroom.
Subscribe to our free:
- monthly Small business email newsletterExternal Link
- email notifications about new and updated information on our website – just select the Business and organisations category to get updates relevant to you, including more articles like this one.