How can your business amend its tax returns?
As a business owner, you’re likely familiar with filing your taxes with the ATO. If you’ve filed the wrong tax information you can amend your return.
Here are the steps you should take to amend your business tax return:
1. Identify why you need to amend your taxes
If you find an error or omission in your original tax return, you must amend it. This could include mistakes, forgetting to include items or if there was a change in circumstance after your lodging.
For example, errors could include:
- Making a mistake when answering questions
- Forgetting to include income, or claim deductions
- A change in circumstances like receiving a revised payment summary
2. Gather supporting documents
You'll need to find all relevant documentation to support the tax amendment, including receipts, invoices, and bank statements.
3. Prepare an amendment
In most cases you can use the ATO's online services. You must select the option to amend your tax return on the ATO website.