We’re all human, we all make mistakes.
Fortunately, the ATO know this too – so did you know that you can amend a lodged Tax Return for up to two years. So if you made a mistake, and perhaps under claimed, or forgot about some of your deductions and expenses, or even over claimed and want to right your wrong before the tax man catches up with you – you’re able to change it.
The process is the same as completing a full return, and can only be completed through a Registered Tax Agent (such as Stirling Tax) so there’s a cost involved, however the cost of letting the ATO pick up on your mistake and fine and penalise you, or the benefit of the additional refund you were entitled to in the first place, more often than not, covers the fee.
On more than one occasion, while sitting down with clients, especially ones who previously completed their returns themselves but weren’t quite sure about it, we’ve noticed gaps. We notice places where deductions claimed last year don’t line up with what we’re doing this year, after asking a few easy questions, there’s often deductions to be hunted for an found. We’re like your own Sherlock Holmes on the case!
Simply by asking a few basic questions, we’ve found with a number of clients they’ve under claimed in the previous year, often on home office or car expenses. In these cases, we run an analysis and determine whether the benefit of completing an amended tax return to claim those legitimate deductions is higher than the cost of our fee to complete it, and in all cases so far – it’s proven to be beneficial for the client. On average our clients have received an extra $500 in their pocket.
$500! What would you do with that extra cash?
Taking advantage of a Registered Tax Agent such as us means you can share in the knowledge we have of over 7 years of dedicated tax studies and experience. It’s a passion of ours and we take it seriously.
It’s just one in a long list of benefits of using Stirling Tax as your accountant.
So if you’ve got any questions, anything you’re not sure of – simply get in touch to find out more, we’re happy to help.
0416 414 242