Thursday 17 Oct 2019
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Latest Accounting News
Hot Issues
Employee or independent contractor: What happens when it goes wrong?
Single Touch Payroll (STP) reporting irregularities: ATO contacting businesses
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Pension deeming rates cut from 1 July 2019
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New ATO data-matching program – overseas movement data and HELP debt
ATO black economy strike force heads to Brisbane
Access to more resources and tools than most websites.
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September 2019 - vital statistics for Australia
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
Changes to the Private Health Insurance Statement
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Downsizer Super Contribution
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10 top global corporations since 1998
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Life Insurance
Community tip-offs trigger ATO visits
Australia at a glance
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
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Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
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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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