We know it’s only human to make a mistake or forget to include something. When it comes to your business tax return, the good news is you have time to amend your return. The time limits for amending your return depend on the income year and when you lodge or we issue your notice of assessment.
An easy way to pick up mistakes is to cross-check your records against the original documents.
You can amend your return through:
- your registered tax agent – they must be registered with the Tax Practitioners BoardExternal Link
- Standard Business Reporting (SBR)-enabled softwareExternal Link
- Online services for business
- a letter
- myGovExternal Link if you're a sole trader.
If you’ve provided false or misleading information, you can correct this through a voluntary disclosure in the approved form. Voluntarily disclosing this information generally reduces any penalties that may apply.
Remember, tax practitioners can help you with your tax, but once your return is lodged – you’re responsible for what you have reported and claimed in your tax return.
For more information, tools and calculators, you can use our small business tax time toolkit to help get your return right. For tailored advice about your tax and super needs, speak to your registered tax practitioner.
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