Tax Return Amendments

As the ATO is able to collect information about your income from banks, employers, government agencies and other parties, there may be times where amounts may be incorrectly keyed in. In such cases you are required to disclose such errors by submitting an amended tax return so that ATO may issue an amended tax assessment. As you have voluntarily disclosed such errors ATO will not charge penalties on the shortfall in tax. On the other hand if ATO detects errors after a review or an audit, the ATO will add on penalties in addition to the shortfall in tax. The penalties could vary anything between 20% to 80 % depending on your behavior at the time of the review or an audit.

Just call us on +612 9702 1616 or +614 0305 3234.

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