Newsletter
December 2018 Newsletter
GST reporting: common errors and how to correct them
Some businesses are making simple mistakes reporting their GST. The ATO reminds taxpayers that avoid the following common GST reporting errors:
• transposition and calculation errors - these mistakes often happen when manually entering amounts, so it’s important to double - check all figures and calculations before submitting your BAS;
• no tax invoice - you must keep tax invoices to be able to claim GST credits on business-related purchases;
• transaction classifications - it’s important to check what GST applies for each transaction; for example, transactions involving food may be GST applicable; and
• errors in accounting systems - a system with one coding error can classify several transactions incorrectly