Don’t run out of time (to amend)!

Questions you should consider in preparation for mid-January lodgements.

As we approach the end of 2019, many taxpayers are focused on preparing tax returns for lodgement in mid-January 2020. However, January 2020 will also be the expiry of the period of review for corporates which lodged their 2015 tax return in January 2016. Once the period of review expires, the Commissioner is unable to issue an amended assessment for closed years. However, it means that the taxpayer is also unable to amend its return for those years, and can only do so by havin...

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Authors: Angela Wood, Keith Swan,

Published Date: 17 December 2019