Foreign-owned businesses in Australia with an aggregated annual turnover below $50 million may now have up to four years to amend eligible tax returns.
The ATO has extended the amendment period by two years for income years starting on or after 1 July 2024, giving eligible businesses more time to correct errors in previously lodged returns.
The extended period applies from the date of assessment and allows businesses to address omissions or inaccuracies, including undeclared income, overlooked deductions and incorrect details.
Foreign-owned businesses can request amendments through a registered tax practitioner, Standard Business Reporting (SBR)-enabled software or the ATO’s Online services for business.
The ATO advises businesses to request amendments as soon as they identify an error and retain supporting records to substantiate any changes. Where a business has provided false or misleading information, making a voluntary disclosure may help reduce applicable penalties.
Although registered tax practitioners can assist with preparing and lodging tax returns, businesses remain responsible for the accuracy of the information and claims reported.
Last updated: 12th Nov 2026
About the Author
Ro Elvinia is ABN Australia's Customer Success and Marketing Manager. She holds a bachelor’s degree in mass communication, majoring in journalism, and also has an academic background in civil engineering. With over a decade of experience in professional writing and a background spanning journalism, Australian immigration, and business services, Ro brings a unique mix of communication and analytical expertise. She works closely with international clients and contributes to ABN Australia's content strategy, helping global businesses stay informed and confident as they navigate the Australian market.
Ro Elvinia
Marketing Manager