We know you want your tax return done as quickly and easily as possible. It helps to get it right! Here are some tips to help you avoid making a mistake or to fix one.
First up – you need to lodge a tax return, even if your business hasn’t earnt any income this year.
To help avoid mistakes in your return:
double-check your answers to questions
report income from all sources, including government support payments
only claim deductions you’re entitled to
complete your tax return using business records.
If you realise you’ve made a mistake, forgotten something or given us incorrect information, you can amend your return through:
your registered tax agent
myGov if you’re a sole trader
Standard Business Reporting (SBR)-enabled software.
You can also request an amendment through Online services for business.
The time limit to amend a return is usually two years.
You can also make a voluntary disclosure. Voluntary disclosures cover mistakes and false or misleading information and need to be made in an approved form.
Remember, we can help you with your tax, speak to us today on 1300 667 529.
Source: ato.gov.au November 2021
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/What-to-do-if-you-make-a-mistake-on-your-return/.
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