- Businesses in Australia are advised to make voluntary disclosures for various taxes such as GST, WET, LCT, and fuel tax credits.
- Voluntary disclosures can be made by revising previously lodged activity statements or by requesting an amendment to a claim form.
- Errors made in earlier activity statements can be corrected in the current activity statement, resulting in a reduction in penalties and interest.
- False or misleading statements on previous activity statements can also be corrected through voluntary disclosures.
- Property owners, developers, and those registered for GST may need to make voluntary disclosures for GST adjustments if they use their property in a different way than planned.
- Voluntary disclosures for property-related transactions can be made even if the transaction was not reported at the time it occurred.
- Making a voluntary disclosure can help avoid shortfall penalties and reduce the general interest charge.
Source: ato.gov.au
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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