When GST errors can be corrected on a later return
Friday, 29 June 2012
The Commissioner of Taxation has updated published information regarding the circumstances in which GST errors can be corrected by a taxpayer through a subsequent GST return (called a Business Activity Statement). Strict limits apply. For example, a business with a turnover of less than $20 million has a GST correction limit of less than $5,000. Corrections must be made within a period of four years. Corrections exceeding the appropriate limit require a revision of the original activity statement. Details are set out at the website of the Australian Taxation Office.