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  • 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 activity statement.

    Records need to include date, the error amount, and the reporting period when the error was made and the activity statement 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 general interest charge (GIC) if you:

    • correct WET errors in your current activity statement, when you become aware of it
    • correct errors to your WET claims in your current activity statement in line with the conditions above.

    You can claim the GIC as an income tax deduction.

      Last modified: 08 Apr 2021QC 46694