If you find an error in your Business Activity Statement (BAS) after the due date, the Australian Taxation Office (ATO) allows for corrections to be made.
The process for correcting the error depends on whether it is a 'credit error' or a 'debit error.' For most GST and fuel tax credit errors, you can correct them in your next BAS if they fall within the period of review, which is generally four years. However, if the error results in you owing more to the ATO and exceeds the threshold limits, you must lodge a revised BAS. If the error means you've paid too much, you can adjust it in your next BAS or request a refund.
It's important to note that if you correct the error within the period of review and the correction falls within the threshold limits, you won't incur a penalty or charge. However, if the correction is made outside of these conditions, you may be subject to penalties or the general interest charge (GIC).
For significant errors, or if you're unsure about the correction process, it's advisable to consult with a registered tax or BAS agent or contact the ATO directly. The ATO also provides online services and tools to assist with lodging changes, ensuring that the process is as straightforward as possible.
Maintaining accurate records and promptly addressing any discovered errors will help ensure compliance and may prevent additional charges or penalties. Remember, it's always better to correct an error sooner rather than later to minimize any potential complications with your tax obligations.