Geoff discovers he has made a mistake on his income tax return after he has lodged it.
Question:
Geoff discovers he has made a mistake on his income tax return after he has lodged it. He remembered he received a revised payment summary last year. This means he will owe the Government more - a shortfall amount.
He wants to avoid a penalty. Geoff wants to know the implications of this.
Seek relevant advice and guidance to help inform Geoff of what he needs to do. Use the following link as well as the information provided in the scenario to help answer the questions below.
https://www.ato.gov.au/General/Correct-a-mistake-or-amend-a-return/Correct-(amend)-an-income-tax-return/
.1/ Explain why Geoff should make a voluntary disclosure.
2/ To meet compliance requirements what is the timeframe for amending a tax return?
3/ What four (4) methods can you use to request an income tax amendment for an individual taxpayer? Refer to the link below for guidance:
https://www.ato.gov.au/General/Correct-a-mistake-or-amend-a-return/Correct-(amend)-an-income-tax-return/How-to-request-an-income-tax-amendment/
4/Who could you contact to clarify any compliance requirements related to taxation and/or superannuation law? State two (2) authoritative sources with an example for each.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill