I take a closer look at how to correct a mistake in your tax return if you have been contacted by the ATO querying your income or your tax deduction claims for the year look unusual or you noticed your forgot to include some information and you want to update your return. The most important thing is not to panic as there is a way to fix and correct an error in your tax return and potentially avoid penalties, fine and interest and in this video I will show you how!

Did you forget to include dividends from that small parcel of shares you bought last year or maybe forgot to claim a deduction for your home office since you were working from home more this year due to lockdown? Well the ATO may eventually contact you as do their data matching exercises and if you wait until then you could potentially be making the issue worse by not taking action as soon as you realise there is a mistake.

Links
How to correct a mistake in your 2022 Australian Tax Return 👍    • How to Fix a Mistake in Your 2024 Aus...  

ATO - www.ato.gov.au/Business/Small-business-benchmarks/….

💰 Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to an advanced plan and I may get a small my commission at no extra cost to you, so we both win!)

DISCLAIMER
This video is intended for general information and entertainment only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances. Money with Dan is not liable for any loss caused, whether due to negligence or otherwise arising from the use of. or reliance on, the information provided directly or indirectly, by use of this video.

#Sharesight #Moneywithdan #ASXShares