Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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?