ATO flags common GST reporting errors and how to correct
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.
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