The ATO has reported that some businesses are making simple mistakes reporting their GST. The ATO reminded taxpayers to avoid the following common GST reporting errors:
- Transposition and calculation errors
- No tax invoice
- Transaction classification
- Accounting systems
If a taxpayer finds a mistake made on a previous activity statement, the ATO says 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 4 years starting from the day after the taxpayer was required to lodge the activity statement for the relevant period; or
- contact the ATO for advice.
Want to ensure your GST affairs are in order? Contact us today!
