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how many years back can you amend a small company return

Newbie

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I believe there is an error in the tax losses carried forward but this goes back many years. It would be of benefit to the company. to correct it. It would not affect the tax paid for completed tax returns.

The turnover is less than 20k

Can the tax losses be corrected?

Are there penalities, if mistakes are corrected which dont impact the tax paid?

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ATO Certified Response

ATO Community Support

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Hi @suz2

 

The time limit for amendments for companies is two years.

 

However, you can lodge and objection to the time frame, and request your amendment be considered despite this.

 

Time limits for amendments are covered in section 170 of the ITAA 1936. You can read about time limit objections on decisions you can object to on our website.

1 REPLY 1

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hi @suz2

 

The time limit for amendments for companies is two years.

 

However, you can lodge and objection to the time frame, and request your amendment be considered despite this.

 

Time limits for amendments are covered in section 170 of the ITAA 1936. You can read about time limit objections on decisions you can object to on our website.