So Hayden realised one day that he had an extra couple of hundred bucks in his bank account. He went through his mail and found a scary-looking letter from the ATO that turned out just to be his Notice of Assessment.
The Notice of Assessment told him that his taxes for last year have all been calculated, and it told him, for lack of a better word, the results. It told him how much he paid in tax, how much he earned, and how much his refund was.
And he did get a refund, which means he paid enough tax in withholdings throughout the year to cover his tax bill, and then some. So he got the extra bit back.
When you get your Notice of Assessment, make sure you keep it. We’re supposed to keep good records for five years! Take a look at this example of a notice of assessment. At the top here it lists your taxable income, and then you can follow the working all the way down to the refund amount at the bottom. That is, if you’re good enough with tax to understand the workings.
So. Curve ball. Hypothetically, what if you now realise that something about your tax return was wrong? Is it too late to try to change it?
The answer is no. Depending on what it is, the ATO might issue a tax amendment. A tax amendment means that something about your tax return has changed, or it was wrong so they redo all the maths. Maybe that means you owe them money again, or maybe they owe you some. If there’s something you’re not sure about, ask you tax agent, or if you don’t have one, you could call the ATO and ask them.
But hey, by the time you get your notice of assessment, the work usually is all done.