GST Tax Tips Fact Sheet

The fact sheet can be found at http://www.ati.gov.au/ and searching for "correcting GST mistakes" or call our office.

The fact sheet does explain that adjustments on BASscan only be made if the neteffect of all the errors is less than $5,000 for businesses whose annual turnover is less than $20 million.

However, once a taxpayer has received a letter from the Tax Office advising that they intend to conduct a GST audit, the taxpayer cannot correctmistakes in their current BAS until the audit has been finalised

This information is supplied by Lucie-Smith Grevler & Co and are of a general nature. Anyone intending to apply the information to practical circumstances should seek independant professional advice relating to their particular circumstances