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Paid too much withheld tax in BAS

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Hi, for the past 3 quarters I have lodged BAS statements containing "Total salary, wages and other payments" and "Amounts withheld from payments" for my PAYG employee. However, I failed to apply the tax-free threshold; meaning I have overpaid the withheld amount in BAS - almost 4 times what I should have paid. Is this something I can revise retrospectively in BAS? If I can, would BAS then automatically work out that I don't need to pay any more tax this financial year and possibly generate a credit in the system?

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Hi @Kym_C

 

Welcome to our Community!

 

The simplest way to resolve this is to vary the last activity statement down to a lower amount or zero. You can find information on how to vary here. We won't work out if a credit is due until you lodge the income tax return, when we calculate the liability for the whole year and refund any overpayments. You can also correct previous activity statements

 

If you have further questions, you can phone us on 13 28 66 between 8am - 6pm, Monday to Friday to speak with an operator. 

 

Thanks, JodieH. 

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Best answer

ATO Certified

Community Support

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Hi @Kym_C

 

Welcome to our Community!

 

The simplest way to resolve this is to vary the last activity statement down to a lower amount or zero. You can find information on how to vary here. We won't work out if a credit is due until you lodge the income tax return, when we calculate the liability for the whole year and refund any overpayments. You can also correct previous activity statements

 

If you have further questions, you can phone us on 13 28 66 between 8am - 6pm, Monday to Friday to speak with an operator. 

 

Thanks, JodieH.