Missed deductions or exemptions
An amendment may produce an extra refund if a valid deduction, rental-property amount or Medicare levy exemption was missed and the correction is still available.
Watch — correcting an old return
Made a Mistake in an Old Tax Return?
A processed return can often be corrected, whether the original mistake reduced your refund or understated the tax you should have paid.
What this video covers
- What an amendment is and when it can correct a processed return
- Why the usual two-year period starts from the notice of assessment
- What an objection and extension-of-time request may involve after the period ends
- Which returns, assessments and supporting records to gather first
Corrections can move the result either way
An amendment is about making the assessment accurate, not guaranteeing a larger refund.
Omitted income or excessive claims
A correction can also increase the amount owing if taxable income was omitted or too much was claimed. Both kinds of errors should be corrected.
Start with the assessment and evidence
The relevant deadline and correction process depend on the assessment date and the specific change required.
Notice of assessment
For most individuals, the usual two-year amendment period starts on the day after the ATO sends the notice of assessment—not simply two years after the financial year ends.
Original return
Keep a copy of the lodged return so the original labels and amounts can be compared with the proposed correction.
Supporting records
Gather receipts, income statements, rental statements, Defence medical-entitlement evidence and any other documents supporting the change.
After the amendment period
If the amendment period has expired, an objection may still be possible. A late objection generally needs an extension-of-time request explaining the delay, and acceptance is not automatic.
Common questions about correcting an old return
Can I amend a return after receiving the refund?
Often, yes. A processed return can generally be amended within the applicable amendment period even if a refund has already been issued.
How long does an individual usually have to request an amendment?
Most individuals generally have two years, starting the day after the ATO sends the notice of assessment for that return. Different periods and exceptions can apply, so check the assessment and your circumstances.
What if the ordinary amendment period has passed?
You may be able to lodge an objection instead. If the objection is late, you generally need to request an extension of time and explain the delay. Acceptance is not automatic.
Video transcript
The supplied transcript has been lightly edited for punctuation, clarity, names and Australian spelling.
Already lodged your tax return and then realised something was wrong? Maybe you missed a deduction, left out income or paid the Medicare levy when you qualified for an exemption. The good news is that a lodged tax return can often be corrected. Even if you have already received your refund, you may still be able to make changes.
Correcting a processed return is called an amendment. For Defence members, it might involve checking eligible equipment expenses, rental-property figures or a Medicare levy exemption. It also works the other way: if you claimed too much or left out taxable income, those details need correcting too.
For most individuals, the usual amendment period is two years, starting from the day after the ATO sends the notice of assessment. The deadline is not simply two years after the end of the financial year. Check the assessment for each year.
What if the usual amendment period has already passed? There may still be a way to request a correction through an objection. If the objection deadline has also passed, you will need to request an extension of time and explain the delay. Acceptance is not automatic, so have the dates and circumstances checked by a professional.
Suppose your old return included a Medicare levy charge but you believe you qualified for a Defence medical exemption. We would check your medical entitlement, the eligible dates and your partner and dependant circumstances for that year. If the original treatment was wrong and a correction is available, the assessment can be updated.
Start with a copy of the original return, your notice of assessment and the records supporting the change. That could include receipts, income statements, rental statements or Defence entitlement information. A registered tax agent can help even if you lodged the original return yourself or used a different accountant.
An amendment may lead to an extra refund or it may increase the amount you owe. It depends on what needs correcting. The aim is to get the return right.
Think something was missed in an old return? Book a review with Garry at DefenceTax today, visit defencetax.com.au or call 0418 327 096. We are here to get it right.
General information only. Tax treatment depends on the applicable law, relevant dates, supporting records and your individual circumstances.