You are given some unrelated examples of mistakes/omissions that were made on prior BAS reports. Briefly explain whether they are errors or adjustments and how each should be accounted for when lodging the next BAS report

Answer

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a) You have just discovered that two years ago you left out $55,000 of taxable supplies forthe BAS.

b) A taxable supply of $2,200 from the last quarterly BAS has now been cancelled.

c) A sale of $6,600 reported in prior BAS has become taxable.

d) A previous purchase of $ 15,000 included in a prior BAS has been cancelled.

e) Taxable supplies of $ 16,500 in the last BAS report were given a late discount of $ 412.

f) You failed to claim input tax credits on an invoice of $3,300 in the last BAS.