Thread: Tax Return Rejected

I haven't done my last 6 years tax returns, should get onto that

Originally Posted by p38arover

Last year I found I'd forgotten to include some additional income (from superannuation) in my 2006 return. It meant another $2k of tax was probably payable.

Today I got a letter back from the ATO rejecting my amended return as it was outside the 2 year limit.

I can, however, object to their ruling. Lemme think about that for a while.

when did you orignally lodge it? I believe the ATO still work to the 5 year statue of limitations last time i checked. Might have a few more years of running the gauntlet.

After 5 years, burn it all....

Lodged in 2007. I had split my superannuation into two - half in my name and half in my wife's. That caused a need to pay tax on some of it and I hadn't realised it.

If it were me, I'd find out my ATO payment codes and pay the money to the ATO. The money will then sit there in your income tax account with the ATO. If they query the error in the 5 year window (from the date of origianl lodgement), they have had the money so cannot charge shortfall interest. Once the 5 year window is up I'd request a refund.....

That way they can't charge you any shortfall interest if they find the error and if they charge a penalty you can easily object it with a great chance of success given you 'tried' to do the right thing.

Obviously there will be a tax return in between the final few gaunlet years and they will automatically try and refund or include it in the balance of tax assessed. However you want on your ATO Income Tax account that balance for the 5 year window so make sure you keep it in mind when doing the tax for the next few years....

Hope that makes sense.

Alternatively, run the gaunlet and even if they query the error you can pay the tax and object to both the penalty and shortfall interest and chance your luck....

Originally Posted by solmanic

I'm no tax accountant, but I thought income from superannuation (ie. allocated pension) was not taxable income. This might explain why they don't care about it.

Should have explained more clealy, it was a super fund we had set up for our employees okayed by the ATO, On sale of business ATO decided it was not kosher, hence the court action, thank the stars the court agreed with us. Could have done with the interest though