Saturday, 24th June 2017
7:54:pm in Sydney
29
June
2012

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.

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