GST correction limit increased
Friday, 17 May 2013
Within certain limits, GST errors can be corrected on a subsequent GST return (called a Business Activity Statement). The Deputy Commissioner of Taxation has now issued, with effect from 10 May 2013, a determination called "Goods and Services Tax: Correcting GST Errors Determination 2013." The determination confirms that for businesses with a current GST turnover of less than $20 million, the debit error value limit is up to $10,000. The terms of the determination are set out here.