Tax Return:: Applying for an Amended Tax Return

Hello, this is your tax and super specialist, P&C Tax Professionals.

Did you happen to have already lodged your tax return but later found out that there is a mistake or you have omitted something from your tax return? Luckily, you still have a chance to fix up your error by lodging an amended tax return as long as the tax return you are amending is within the 2-year period (starting from the date your Notice of Assessment is issued). So, let’s begin with some of the common mistakes that are made by people when lodging their tax returns.

<Common mistakes that are made on a tax return>

With everyone so busy with their life, making a mistake on your tax return can be easier than you think. Some of the most frequently made errors which require an amended tax return include:

> forgetting to include income from another employer (if you have worked for multiple employers during the financial year) OR the income figure you have declared is incorrect

> forgetting to include your bank interest income for the relevant financial year

> forgetting to apply for the invalid and carer tax offset or zone tax offset (low income tax offset and the low and middle income tax offsets are automatically calculated and applied to your tax return upon lodgement)

> forgetting to include certain work-related tax deductions which you have directly paid for (if you were reimbursed for any of the expenses, you cannot include it as part of your tax deductions)

> forgetting to include income from trusts, investments, and capital gains/losses (e.g., from the disposal of your shares or cryptocurrencies)

> incorrectly providing information regarding the Medicare levy or Medicare levy surcharge (MLS)

<How to lodge an amended tax return>

Lodging your amended tax return with a tax agent such as P&C Tax Professionals will be a piece of cake and hassle-free. Please bear in mind that only the tax returns that were lodged up to 2 years ago will be eligible for an amended tax return. In that sense, if you detect an error that needs fixing on your tax return, simply contact us through our official Facebook Page (P&C Tax Professionals – Australia) or send us your enquiries directly to our email address at pnctax@naver.com at your earliest convenience.

Thank you and bye for now!