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Business Tax Tips – GST Error Correction – How to put it right

images/BusinessTips.JPGThe Australian Tax Office - ATO site explains what to do when you find you have a GST error correction to make – and how this is easier than revising a prior statement, and can save penalties (see how the ATO is really NOT your business enemy!)

“If you made a GST error on an earlier activity statement, you can choose to correct that error on a later activity statement if you meet the conditions set out in this guide.

The benefits of correcting GST errors on a later activity statement are:

  • you are not liable to any penalties or general interest charge (GIC) for any GST error you correct on a later activity statement provided you meet the conditions to correct a GST error on a later activity statement
  • generally, it is easier to correct a GST error on a later activity statement rather than revising the earlier activity statement.

Alternatively, you can correct any GST error by revising the earlier activity statement that contains the error. You can revise an earlier activity statement online or obtain an activity statement revision form by phoning us on 13 28 66.

Here are a series of links about correcting GST errors –

o   options for correcting an error

o   definition of a GST error

o   types of GST errors

o   correcting credit errors

o   correcting debit errors

o   how to make corrections on a later activity statement

o   when a credit or debit error cannot be corrected on a later activity statement

o   what is not a GST error

o   example of correcting GST errors on a later activity statement

o   record keeping

o   more information.

Need help? Not sure?

Call for FREE 30min advice / strategy session today! Aus +61 407 361 596

and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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