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Federal Budget 2019 - Overview
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Lost Beneficiaries
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Extra website resources and tools is one way we offer you and your family more.
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FBT Exemption for Various Work Vehicles
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Australia - facts & figures March 2019
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Instant asset write-off threshold upped to $25k
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Article archive
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Quarter 1 January - March 2019
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Quarter 4 October - December 2018
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Quarter 3 July - September 2018
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Correcting GST Errors

       

 

If a taxpayer finds a mistake made on a previous activity statement, they can:-

  • Correct the error on a later activity statement if the mistake fits the definition of a “GST error” and certain conditions are met;
     
  • Lodge an amendment – the time limit for amending GST credits is four years, starting from the day after the taxpayer was required to lodge the activity statement for the relevant period; or
     
  • Contact the Australian Taxation Office (ATO) for advice

The benefit of correcting a GST error on a later activity statement (where the conditions are met) is that the taxpayer will not be liable for any penalties or general interest charge (GIC) for that error.  The ATO says it is generally easier to correct a GST error on a later activity statement than to revise an earlier activity statement.  Revising an earlier activity statement that contains an error can incur penalties or GIC.

Accountants often prefer to amend the activity statement, to match the returns better with the accounting records, particularly if that results in an extra refund.

 

 

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