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Correcting is not making an adjustment!
Correcting an error or mistake is about fixing an amount that was incorrect when lodged, typically due to transposition error, misclassification or double counting.
Adjustments are to items that were correct at the time but where something has changed the GST.
When and How to “Fix”
Fix on the next BAS when:
- An adjustment occurs due to another transaction (returned goods, price change, etc.)
- A credit error (you previously overpaid) – must be within 4 years and 1 day from the date the original BAS was lodged
- A debit error (you underpaid) – for business with turnover less than $20m,
- and where the aggregated amounts of all adjustments is less than $10,000, they have 18 months from the due date of the original Activity Statement; for others 12 months. For companies with more than $20m turnover, the aggregated value of adjustments must be considered on a scale starting at $20,000.
You have to go back and revise the lodged BAS if:
- The time limits have expired, or value limits above are exceeded
- There is a 4 year limit on payment of refunds
- The revision of past statements is required so that appropriate interest would be calculated and then paid as a result of underpayments.
Lodging the Revision
Using the Online Services for Agents, select the “Revise” link when reviewing the list of lodgment “History”.
Lodgment software may also allow the lodgment of adjustments.
Please speak to us if your Activity Statements need adjustments.