If this error occurs during lodgment, check if the BSB number is valid.
All banks are issued a BSB number for each branch. The ATO validate the BSB number on each return against their master list. The BSB number that is on the tax return is not in the BSB number master list.
If you also get CMN.ATO.IITR.EM0003 and CMN.ATO.IITR.EM0004, it is usually a generic error that relates to the first EM Error; in this case, EM0054.
You can read more information on EM Errors.