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Quick Guide: How to Amend Your Tax Return After It’s Lodged

Alrighty, so you’ve managed to get your Tax Return all prepared and lodged (well done!)… But uhh, I think we forgot something… 

Don’t worry, because making a tax amendment to your Tax Return is perfectly normal and is done by many Australians every year. Fixing-up your Tax Return after realising you made a mistake is easy enough, and is made extremely simple with the help of One Click Life’s online support team. 

So, if you need to amend your Tax Return for ATO related reasons, sit back, get comfortable and keep on reading. In this article, we will help you learn how you can amend your Tax Return, even after you have lodged it. 

Why would anyone need to make an amendment to their Tax Return? 

It’s easy enough to make an accidental mistake when filling out your Tax Return, especially if you are trying to do it yourself without any help (seriously though, you should get help if you need it). 

The best way to make sure you don’t make any mistakes is by lodging your return with One Click Life, where all of your information is pre-saved and autofilled so you can make a faster and mistake free Tax Return. Your Tax Return is also reviewed by a tax professional before it is lodged so you can have the assurance your Tax Return will have its best chance for success. 

If you do need to make an amendment, some of the reasons may include: 

  • You may have forgotten to include all of your income 
  • The income you declared is wrong 
  • You didn’t deduct everything that you’re allowed to claim
  • You accidentally claimed more deductions than you’re allowed 

How can you amend your Tax Return once it is lodged? 

If you notice you need to make an amendment to your Tax Return, there are two different ways to do it: 

  • Online through the ATO portal on myGov
  • Through a trusted online taxation platform like One Click Life 

Whichever option you take, you don’t have to pay a fee to make an amendment to your Tax Return, as long as you do it within the Tax Return amendment period. With One Click Life, your details are already saved in our system, so your amendment will take next to no time at all. 

Once you notice the mistake, don’t panic. Log into your One Click Life account and let’s get started on making this amendment together. 

How long is the ATO amendment period? 

It is free to change your Tax Return as long as it stays within the ATO amended Tax Return time limit of two years. The period of which you can make the amendment starts from the day after your Notice of Assessment is sent to you. This means if you:

  • Receive your notice of assessment on the 15th of August 2022
  • You have until the 14th of August 2024 to make an amendment 

Making an amendment is part of the self-assessment system the ATO implements for all of their Tax Returns. That means they expect everyone to be truthful and thorough with their Tax Returns at face value. 

If you are worried about making a mistake, you should lodge your Tax Return or amendment with One Click Life where you can get a member of our professional tax team to review anything you do before it is sent to the ATO.  

What happens if you miss the amendment due date?

If you miss the two year deadline to make an amendment, it doesn’t mean you can’t do anything. If you do happen to miss it, you can lodge an objection. An objection is a way to dispute any decision made by the ATO and can: 

  • Dispute the law
  • Dispute the facts the ATO have used to reach a decision 
  • Lodge an amendment outside the due date

If you need to make an objection, One Click Life can help you communicate with the ATO and submit your objection letter. With our help you can be sure that you’re filling it out properly, which will give your objection the best chance for success. 

What happens if you ignore the mistake in your Tax Return and don’t make an amendment? 

We get it. Sometimes when things are hard it can be too easy to want to just sweep it all under the rug and hope it goes away. Unfortunately when it comes to tax, this will not help. 

It will always be better to acknowledge your mistake in your Tax Return and make an amendment. If the task looks a little daunting and confusing, all you need to do is reach out to us for some help! Our pros are here and ready for you. 

The easy way to avoid ever needing to make an amendment 

The easiest amendment you can make is the one you never have to make at all. With One Click Life, your Tax Return will be checked by one of our tax pros before it even reaches the ATO. 

If you then notice that you need to make an amendment, we’ll help you get it all sorted on our super easy-to-use platform in no time at all. 

The more you deduct, the less tax you pay and the more money you can spend on yourself. The sure-fire way to do that is with the One Click Life platform. You can also claim your Tax Agent/Tax Return fee back on tax, so why wouldn’t you use one to minimise your tax and maximise your money?

Our Tax Returns take less than 15 minutes!

Taxes, health insurance, and wills can be time-consuming and tedious. Our app allows you to be able to do this fuss-free, giving you a simple way to organise, track and manage all of your life admin in one place.
Let One Click Life take care of your Tax Return and life’s essential tasks, so you can spend more time doing the things you love.