- Errors in reporting GST or fuel tax claims on a past BAS can be corrected on the next BAS.
- Credit errors include reporting a GST sale twice, overstating GST on sales, and overstating an increasing fuel tax adjustment.
- Debit errors include understating GST on sales, claiming GST credits for a purchase twice, and overestimating fuel tax credit claims.
- Debit error value limits have increased for businesses with an annual GST turnover of less than $20 million.
- Complete and accurate records should be kept to support claims.
- The fuel tax credit calculator should be used to apply correct rates when claiming fuel tax credits.
- Tax or BAS agents can assist with tax-related issues.
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.
