You might need to amend your tax return if you:
- reported your assessable income incorrectly
- claimed expenses that are not tax deductible
- accidentally claimed the private use portion of an expense
- reported your losses incorrectly
- don’t hold the necessary records to substantiate your claims.
The 2-year period which you can usually amend a tax return starts from the date on your notice of assessment, or when the commissioner gives notice of assessment. There is no limit on the number of amendments you can make within this timeframe.
Once you have received your notice of assessment, you can easily fix your return through:
- your registered tax agent - tax agents must be registered with the Tax Practitioners Board
- Standard Business Reporting (SBR)-enabled software
- Online services for business
- a letter
- myGov if you are a sole trader.
If you have provided false or misleading information, you can correct this through a voluntary disclosure in the approved form. This generally reduces any penalties that may apply.
Remember, tax and BAS agents can help you with your tax, but you are responsible for what you report and claim in your tax return.
For more helpful information, tools, and calculators, refer to the 2023 Tax Time toolkit for small business to help get your tax return right.