How to correct an error
If you become aware of a material error in any of the published information, you must correct it.
To correct your Public CBC report, complete the Public CBC report again in the approved form with the correct information and publish it using the same Public CBC reporting submission process. The corrected report will replace the original report published. All fields must be completed in the corrected Public CBC report, including fields that have not been changed.
A correction of a material error is required within 28 days after you become aware of the error. For example, within 28 days of the accountant or tax manager realising the error and preparing an amendment to the entity's income tax return, necessitating an amendment to the Public CBC report.
Penalties apply for non-compliance.
Material error
Whether an error is material is a matter of professional judgment. The relevant accounting standard must be used to determine whether an error in an item, or an aggregate of items is material and must be corrected.
An error is material if not correcting it means information is omitted, misstated, or obscured where this could be reasonably expected to influence the fair presentation of your Public CBC report.
Non-material error
You may choose to rectify a non-material error by publishing the Public CBC report in the approved form again with the corrected information and using the same Public CBC reporting submission process. The corrected report will replace the original report published. All fields must be completed in the corrected Public CBC report, including fields that have not been changed.
Uploading to data.gov.au
If you rectify a material or non-material error, we will upload the corrected information on data.gov.auExternal Link as soon as practicable.