Do you need to change your BAS?

It’s important you fix mistakes and amend your BAS as time limits apply…

If you need to make amendments to your BAS (Business Activity Statement) after you’ve lodged it, you’ll need to do it within four years from the day it is lodged.

This time frame is called the ‘period of review’, which starts on the day you lodge your BAS.

How many times can I make amendments during the period of review?

You can amend your BAS unlimited times during the four year period of review.

However if you find any errors after the period of review has ended you generally won’t be able to amend your BAS.

If you’ve missed claiming some credits in the past, it might not be too late to make a claim.

Refreshed period of review

If you do make an amendment on your BAS, the period of review will ‘refresh’ for the item you amended. This means you’ll have another four years to make amendments to that item.

Find out more about the rules for refreshed periods of review on the Australian Taxation Office (ATO) website.

Other things to take into account

1. If you need to make adjustments to other sales or particular items in the same BAS, the time limit is still the original period of review.

2. If more than one particular is amended in a BAS, each particular will have its own refreshed period of review.

3. There are specific rules about the time limit for claiming GST credits and fuel tax credits.

TIP - Claiming your credits as soon as possible makes good sense for your cash flow. If you have missed claiming some credits in the past, it might not be too late to make a claim.

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