Where you have already lodged your tax return and subsequently;
- Receive a second/amended PAYG Payment Summary,
- Realised you have forgotten to declare some income,
- Found some extra receipts for deductions, or
- Discovered an error in the original return.
You will need to contact your accountant to arrange for an amendment to be made to your original return as soon as possible.
You generally only have a limited period of two years to amend your tax return so time is of the essence in these situations.
ATO penalties for failure to declare income can range from 25% to 125% of the amount of additional tax payable.
In instances where you discover that you have omitted income from your return, making a voluntary amendment before the ATO reviews your return and does it for you can save you a lot of money, so don’t delay!