How to Handle GST Errors and Excess Payments (Mar 25 Tax Update)

Relevant For:

Business owners needing guidance on correcting GST reporting errors.

Key Points:

• Excess GST paid to the ATO cannot be refunded from the ATO if passed to customers.
• If you reimburse customers, you can adjust your BAS to reclaim GST.
• Without reimbursement, ATO won’t refund excess GST.
• GST errors (up to four years) can be corrected on future or revised BAS.
• Always keep clear records; seek advice if unsure.

Full Article:

Even careful businesses occasionally