Made a GST mistake on your BAS?
Published in the Australian Taxation Office (ATO) SME Communicator (March 2013 edition) the ATO recognizes that you can make GST mistakes when preparing your business activity statements. The ATO use advanced technology to filter the information you provide, meaning they’re now more likely to contact you if they pick up a mistake or omission.
If you need to correct a GST mistake or omission from a previous activity statement, it’s important you do this as soon as you realise it by:
- correcting the mistake on your current activity statement, unless you are outside the time and value limits, or
- if you are outside your time and value limit, you can correct your mistake by revising the original statement.
The ATO advise that by notifying them about a GST error or change that increases the tax you owe or reduces your credits, they will generally treat this as a voluntary disclosure – in many cases, this opens the way to concessional treatment for any administrative penalties that apply.
Alternatively, seek assistance from a Registered BAS agent like Balanix Solutions who will be able to assist to work with the ATO on any existing errors and help you minimise future ones.
Call us today for help with any of your BAS needs – 3264 4783.