From 1 July 2024, small and medium businesses will have up to four years to amend their tax returns, doubling the current two-year limit.
The Australian Taxation Office (ATO) has published updated guidance on amending business and super tax returns on 20 May 2025.
The law sets time limits for amending your tax return; the period of time between the notice of assessment being issued and this time limit is known as the period of review. The time limits to amend tax returns are generally:
For small and medium businesses:
- Two years for the 2023–24 and earlier income years, and
- Four years for the 2024–25 and later income years
For other taxpayers, the four-year limit remains unchanged.
The review period begins the day after a notice of assessment for the relevant income year is provided. This is typically the date indicated on the notice or, if no notice is issued, the date the corresponding return was lodged.
Submitting an amendment early is recommended to ensure it can be processed within the applicable review period. Multiple amendment requests can be submitted within this period.
The time limit provides certainty about tax affairs, as it prevents amendments to a tax return after the period has expired, except in cases of fraud or evasion.
If an individual wishes to amend a tax return after the time limit has passed, they cannot request an amendment but may lodge an objection. This objection must include a request for an extension of time.
