We receive data from state and territory revenue and titles offices around Australia on the purchase and sale of properties businesses make.
As these property transactions may be taxable and subject to Goods and services tax (GST), we match this information against what has been reported on business activity statements (BAS).
If your property sales haven't been reported correctly on your BAS, we may send a letter to you.
What you need to do
Our letter will include a schedule of your BAS lodgment where our records indicate the GST amounts reported at 1A and or 1B don’t match our data on your property sales for the relevant reporting period.
You need to review this schedule and compare its information with your records. After completing your review, if you find that the reported the GST amounts on your BAS are correct, then you don't need to do anything more.
However, we may still follow up this letter to ask you to provide supporting documents, including:
- a contract of sale
- working papers showing how you calculated
- your property sales and the GST amounts reported at 1A
- GST property credit at label 1B.
You don’t need to provide these documents unless we've requested.
If you find that your property sales haven't been reported correctly then you'll need to revise your BAS by logging into myIDOpens in a new window or Online services for business. Your tax or BAS agent can also help you to revise it.