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Made a mistake on your BAS? Here’s what you need to know

Posted on Apr 12, 2019 by FP Accountants

Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to avoid incurring a penalty. In the event an error has been made in the reporting of your activity statements, here is what you will need to know to rectify the misreporting.

If you have made a mistake or left something out on a previous activity statement, in most cases you are able to correct the errors on your next statement or lodge a revised statement.

An error or mistake relates to an amount that was incorrect at the time of lodgement and can be fixed by revising the original BAS or making the relevant changes on your next BAS. Examples of a mistake include:

An adjustment relates to a report that was correct at the time of lodgement but a situation has since occurred that changes the amount of reported GST. Examples of when to make an adjustment are:

To avoid penalties, all mistakes must be corrected within four years. You can do this through myGov, on the Business Portal of the ATO, from your business software if it is enabled for Standard Business Reporting (SBR), or by contacting the ATO.

Contact FP Accountants

Address:
Level 10 Toowong Tower,
9 Sherwood Rd, Toowong QLD 4066

Postal: PO Box 453, Toowong QLD 4066

Phone: 07 3371 7166

Fax: 07 3371 7838

Email:

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