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06 May 088 GST "revenue neutral" corrections

On 5 May 2007, the ATO published Practice Statement PS LA 2008/9 entitled "GST 'revenue neutral' corrections". The purpose of the Practice Statement is to outline the ATO policy on remission of general interest charge (GIC) imposed for the shortfall period on corrections of transactions where the correction involves equal and offsetting primary GST amounts. The Practice Statement states, at para 10 "...when the practical effect of correcting an error is 'revenue neutral' for primary GST amounts, consideration will be given to the remission of GIC for the shortfall period."

For a copy of PS LA 2008/9, go here

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