Records you need to keep
You need to keep records detailing the nature and extent of any change for five years if you:
- correct a WET error
- claim an amount you failed to claim on an earlier BAS.
Records need to include date, the error amount, and the reporting period when the error was made and the BAS it was corrected on. You must also keep records and other relevant information to explain the correction.
Penalties and interest charges
You will not incur penalties or GIC if you:
- correct WET errors in your current BAS, when you become aware of it
- correct errors to your WET claims in your current BAS in line with the conditions above.
You can claim the GIC as an income tax deduction.
Here we explain how to correct wine equalisation tax (WET) errors you made on an earlier BAS.