You lodge your return, close the laptop, and finally relax—until a thought creeps in. Did I miss something? Maybe a forgotten payment, a deduction that doesn’t quite check out, or a number that doesn’t look right.
Now you’re left wondering: What happens if I made a mistake?
If this sounds familiar, you’re not alone. Every year, thousands of Australians realise (sometimes weeks or even months later) that something wasn’t quite right on their tax return. The good news is, it’s not too late to fix it.
But before you dive into corrections, there are a few things worth understanding. Because while amending a tax return isn’t complicated, doing it properly can make all the difference.
Mistakes Happen, But Ignoring Them Can Cost You
Let’s get one thing straight: the Australian tax system isn’t trying to trip you up. But it is built on the assumption that you’ll get things right—or at least fix them if you don’t.
Whether it’s an overlooked bank interest amount, a double-up on a deduction, or a genuine misunderstanding of the rules, the ATO expects you to correct any mistakes once you realise they’re there.
If you don’t? You might find the ATO correcting it for you. And when that happens, there’s a chance interest charges or penalties could follow.
Before You Make a Change, Wait a Moment
Here’s something many people don’t realise: some corrections happen automatically.
The ATO receives information from a range of sources: banks, employers, health funds, and more. So if you’ve just lodged your return and suddenly spot something missing or incorrect, hold off for a week or two. The system might already be picking it up.
Once that period passes and the return hasn’t been updated, then it’s time to step in.
When (and How) You Can Amend Your Tax Return
If you’ve lodged online through myTax, the process of making a correction is fairly straightforward:
- Log in to your myGov account and access ATO online services
- Find the tax return you want to amend
- Click “amend” and follow the steps provided
The same applies if you used a registered tax agent. They’ll simply handle the amendment on your behalf.
Amendments are usually allowed for up to two years from the date your notice of assessment was issued. Some individuals (like those in complex business structures or trusts) may have four years instead.
Missed the deadline? You might still be able to request a change, but it’ll need to go through the formal objection process. That’s a bit more involved, so it’s better not to wait too long if you know something needs adjusting.
What You’ll Need to Back It Up
It’s one thing to know you made an error. It’s another to prove the corrected figures are accurate. That’s where documentation comes in.
If you’re changing anything on your return, make sure you have the records to support it. This could include:
- Income statements or payslips
- Bank interest statements
- Receipts for deductions
- Invoices for work-related expenses
These aren’t just nice to have, they’re essential if the ATO asks questions later. Having everything ready now can save you a lot of hassle down the track.
Will Fixing a Mistake Raise a Red Flag?
This is a common concern and a fair one. But here’s the truth: correcting your tax return shows the ATO that you’re doing the right thing.
As long as the amendment is accurate and genuine, you won’t be penalised for trying to fix a mistake. In fact, you’re more likely to avoid penalties by correcting it yourself, rather than waiting for the ATO to find it later.
Trying to hide the mistake? That’s where problems usually begin.
What Happens After You Lodge an Amendment?
Once you’ve submitted the correction, the ATO will review it. This typically takes up to 20 business days, but it can vary depending on the circumstances.
You’ll receive an updated notice of assessment after the amendment is processed. If the ATO owes you money, they’ll issue a refund. If the change results in a tax bill, they’ll let you know what you owe and when it’s due.
Either way, you’ll know where you stand and that’s far better than leaving things up in the air.
The Bottom Line? Don’t Delay
Tax returns aren’t set in stone. If you’ve made a mistake, you have the chance to fix it—but only if you act.
Some people ignore errors because they’re unsure what to do next. Others worry that amending their return will cause issues. But in reality, doing nothing often leads to bigger problems.
If something doesn’t look right, take a closer look. Check your records. And if needed, make the correction. It’s a simple step that can save you stress, time, and possibly money.
Quick Checklist: Amending Your Tax Return
- Wait a week or two, some info might update automatically
- Confirm your mistake and gather evidence
- Use myGov or speak with your tax agent
- Know your time limit (usually two years)
- Expect a response from the ATO within 20 days
- Don’t ignore it; addressing the issue early is always better
Not Sure If You Need to Amend?
Sometimes it’s not a clear-cut error. You might just feel like something’s off. If you’re in that boat, it’s worth asking for advice. Whether that means checking back over your paperwork, contacting your agent, or even reaching out to the ATO directly, getting clarity now can prevent bigger headaches later.
At the end of the day, amending your tax return is not a sign of failure, it’s a smart move. If you’ve spotted a mistake, take action.
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