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  • WET errors

    A WET error occurs when you make a mistake in working out the WET or WET credits net amount on an earlier BAS.

    If you realise you have made an error on an earlier BAS once it has been lodged you must correct it. You need to work out the amount that has been over claimed or under claimed.

    The WET error is the actual error amount, not the gross or WET inclusive price of the transaction.

    A credit error means you reported and paid too much WET, for example you:

    • reported a sale twice
    • overstated the WET on sales.

    A debit error means you reported and paid too little WET, for example you:

    • failed to include WET on a taxable sale
    • understated the WET on sales.

    If you made multiple errors in a BAS period, you must treat each error individually when determining if it can be corrected and how to correct it.

    You cannot correct a WET error more than once.

    See also:

      Last modified: 13 Feb 2017QC 46694