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Hot Issues
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Strategies to handle scam phone calls and problem e-mails.
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Instant asset write-off threshold upped to $25k
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Jail time for GST fraud
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Correcting GST Errors
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Fuel tax credit rates raised
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ATO set to contact clients for overdue TPAR
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Reminder on Victoria Property Duties
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How Australia is performing.
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Global outlook summary: Down but not out
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Bookkeepers remind on incoming TPRS obligations
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Golden Rules for Deductions
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How's Australia going - vital statistics?
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Tax, SMEs set to be ‘political football’ in 2019 as election nears
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Cap lifted on popular financing option for clients
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Expiry of 900,000 interest-only loans set for January
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Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
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Tax Office sounds alarm on popular property strategy
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Our Advent calendar for 2018
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‘Please do not panic’: ATO boss addresses STP concerns
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Stop!! Don't do a paper Budget, use our online budgeting tools instead.
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Employee Christmas Parties and Gifts – Any FBT?
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Behavioural Coaching and your financial plans
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FBT – Christmas Parties and Taxi Fares
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Information needed to be the BBQ expert.
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Tax consequences of trust vesting
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Fringe Benefits Tax (FBT): employees’ private use of vehicles
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ATO to contact clients over bank details
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ATO claws back $850m in unpaid SG in FY 17-18
Article archive
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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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