ROY SPAGNOLO & ASSOCIATES Chartered Accountants CHANGES TO TAX RETURN AMENDMENT PERIOD FOR BUSINESS Businesses with an annual aggregated turnover of less than $50 million now have up to four years from the date of their tax return assessment to request amendments (increased from two years). This applies to assessments for the 2024/25 and later income years. If businesses make a mistake on a tax return and need to request an amendment, they should lodge their requests well before the end of the amendment period to make sure the ATO can process it with the time limit. A CHARTERED ACCOUNTANTS AUSTRALIA NEW ZEALAND 193 Yambil Street, Griffith NSW 2680 Ph: 6964 4400 | www.royspagnolo.com.au Like Us On facebook f ROY SPAGNOLO & ASSOCIATES Chartered Accountants CHANGES TO TAX RETURN AMENDMENT PERIOD FOR BUSINESS Businesses with an annual aggregated turnover of less than $ 50 million now have up to four years from the date of their tax return assessment to request amendments ( increased from two years ) . This applies to assessments for the 2024/25 and later income years . If businesses make a mistake on a tax return and need to request an amendment , they should lodge their requests well before the end of the amendment period to make sure the ATO can process it with the time limit . A CHARTERED ACCOUNTANTS AUSTRALIA NEW ZEALAND 193 Yambil Street , Griffith NSW 2680 Ph : 6964 4400 | www.royspagnolo.com.au Like Us On facebook f