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

Posted on Apr 12, 2019 by admin

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.

ATP Accounting knows what it takes to run a successful business. They will position you at the cutting edge of business growth.
Take the step and get help to grow your business, minimise tax and protect your hard-earned assets.
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Made a mistake on your BAS? Here’s what you need to know Made a mistake on your BAS? Here’s what you need to know Made a mistake on your BAS? Here’s what you need to know Made a mistake on your BAS? Here’s what you need to know Made a mistake on your BAS? Here’s what you need to know

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