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Income Discrepancy and Omitted Credit

Newbie

Views 6499

Replies 4

Hi there, 

My wife received a letter from the ATO about her tax return for the year 2017. The letter has a list of payment summaries and states that she missed one out. 

 

It says Income Discrepancy: $6454 and then has Omitted Credit: $956 We looked at her return for that year and we noticed that she accidentally left one out as she had a few jobs that financial year. It says after 28 days we will recieve a notice of amendment assement, We are going to call ATO after the longweek. But we dont understand if we are going to owe them tax or not and roughly how much?

Can anyone help us understand this please?

 

Thank you

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @DarkNeo

 

Thanks for sharing your experiences - we're sorry that the forum hasn't replied to you earlier.

 

When you lodge your return, we'll check the information you provide against the income that's been reported against your TFN. If we notice a difference between the income you're reported versus the information provided by your payer(s), then we'll check to make sure we have the correct details and re-assess the return.

This usually results in a tax bill, because we've looked at the income you've reported and based how much tax you need to pay on this amount. When we receive a report of additional income that hasn't been declared, we add the extra income to the rest of your income for that period and re-run the calculations. Even if additional tax has been withheld from payments, it may not be enough to cover the tax payable on the total assessable income.

 

Generally speaking, we can't confirm any tax payable until the notice of amended assessment has been finalised and sent to you. We're sorry to hear that you had a poor experience with the contact centre, and we've passed on your feedback for them to review. You can also provide feedback using our online forms.

If you've received the notice of amended assessment and you have concerns with either the additional income or how the amount has been calculated, you can contact us to request an account explanation.

 

Finally, we know that it can be difficult to budget for unexpected bills. If you need some extra time to pay any amounts owing, we can work with you to set up a payment arrangement.

Thanks, Amanda

 

 

4 REPLIES 4

Newbie

Replies 2

Bump?

Newbie

Replies 1

So we phoned up and they stated that we would only recieve a bill for around $300. We got a bill a month later for just over $800. 

Good job ATO phone support 11/10! 

 

Also, cool support forums

Newbie

Replies 0

Yeah, the letter and call centre are a joke. 

I received my letter last week, didnt understand a single thing it was saying because it gave the vaguest description and the rest of it was filled with generic information. Called the call centre to get a better understanding and was told by the very uninterested lady on the other end that yes you are owed a total of 112 that i was in credit from which i was like well thats amazing. I called up again today to find out when i would be recieving notice and what not of that credit cause being a uni student and moving house and all im counting my pennies fromwhich i was told i no longer am in credit but have a tax debt of 858.90 owing. The difference a couple of days make i tell ya

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @DarkNeo

 

Thanks for sharing your experiences - we're sorry that the forum hasn't replied to you earlier.

 

When you lodge your return, we'll check the information you provide against the income that's been reported against your TFN. If we notice a difference between the income you're reported versus the information provided by your payer(s), then we'll check to make sure we have the correct details and re-assess the return.

This usually results in a tax bill, because we've looked at the income you've reported and based how much tax you need to pay on this amount. When we receive a report of additional income that hasn't been declared, we add the extra income to the rest of your income for that period and re-run the calculations. Even if additional tax has been withheld from payments, it may not be enough to cover the tax payable on the total assessable income.

 

Generally speaking, we can't confirm any tax payable until the notice of amended assessment has been finalised and sent to you. We're sorry to hear that you had a poor experience with the contact centre, and we've passed on your feedback for them to review. You can also provide feedback using our online forms.

If you've received the notice of amended assessment and you have concerns with either the additional income or how the amount has been calculated, you can contact us to request an account explanation.

 

Finally, we know that it can be difficult to budget for unexpected bills. If you need some extra time to pay any amounts owing, we can work with you to set up a payment arrangement.

Thanks, Amanda