It is a reality of life that mistakes happen. It is especially true in the world of tax. The Australian tax system is complex and as a result mistakes can and do happen.
So, what should you do if you have made a mistake?
The first step is to contact your tax practitioner. Your tax practitioner will be able to advise you on the best course of action to rectify a mistake.
You can make a voluntary disclosure to the ATO about the mistakes. You may also be able to amend your return.
Tip! Tax is an extremely complex area – even tax practitioners find it complex. The best way to help ensure that your tax return is correct is to contact your tax agent.
Ask questions, get advice and get it right the first time! ■
Ref: TaxWise Individual September 2019