BAS: four-year period of review

Are you?
– A taxpayer who lodges activity statements?

At a glance:
– The Tax Office allows taxpayers a four-year period of review to correct mistakes made on previously lodged activity statements.

You should:
– Check whether any errors have been made on your activity statement before lodging.
– Contact us if you require any clarification or advice.

The period of review is a four-year time limit for taxpayers to amend or revise activity statements for tax periods on or after July 1, 2012.

When an error has been identified, the correction should be made as soon as practicable.

The period of review of a particular activity statement starts on the day it is lodged.

Activity statements for tax periods that start prior to July 1, 2012 cannot access any extended amendment provisions.

The four-year period will refresh for only the amended transaction, not the entire activity statement.

During the refreshed four-year period, the amended transaction may only be amended again one more time.

Remember:
– Revising an activity statement may be denied if outside the amendment period.