Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
22 July 202005:03 PM - edited 22 July 202009:35 PM
How can I correct an accounting method used ERROR from the December BAS in the June BAS, simply put when requesting the GST/BAS figures in MYOB I accidentally used the Accrual Method instead of the Cash Method basis we come under resulting in a Refund paid to us by the ATO in error.
I need to correct this in the final BAS under Purchases:
example $1,500 (credit offset amount in Purchases) however there is not sufficiant credits to cover this overpayment we received in a Refund due to lack of purchases with GST applicable due to COVID temporary shutdown so I can offset the current amount owed to offset this (i.e. only $342 in the June Purchases GST Paid, can you confirm if I can just put the figure owed to the ATO under GST Sales so I can pay the GST owed or is there another way to fix my error as you can't add a minus symbol in GST owed for payables.