Making a mistake on your Business Activity Statement can feel stressful, but fixing it correctly can help you avoid issues with the Australian Taxation Office. Start by reviewing the error carefully and checking your original records to confirm the correct figures. If the mistake is small and within the allowed correction limits, you can usually fix it in your next BAS. For larger errors, you may need to lodge a revision for the original statement. Acting quickly shows good faith and reduces the risk of penalties. Keep clear documentation of all changes and consider speaking with a registered BAS agent or accountant to ensure everything is corrected properly and on time.
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