Amendment Period for Business Tax Returns Extended
Small and medium businesses with an annual aggregated turnover under $50 million now have four years (up from two) to request amendments to their income tax assessments. This applies to the 2024/25 income year onwards.
Why this is important
The extended period allows more time to:
- Correct genuine errors
- Claim missed deductions
- Adjust income or deductions when late information is received
Businesses should maintain accurate records for at least four years after lodgement and submit amendment requests well ahead of the deadline to ensure ATO processing.
Discuss with your Simmons advisor whether you may benefit from lodging an amendment on 1800 618 800 or via email at admin@simmonslivingstone.com.au.
