Businesses with an annual aggregated turnover of less than $50 million now have up to four years from the date of their tax return assessment to request amendments (increased from two years). This applies to assessments for the 2024/25 and later income years.
If businesses make a mistake on a tax return amendment, they should lodge their requests well before the end of the amendment period to make sure the ATO can process it within the time limit.
They should keep accurate and complete records to support their amendment request.
