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Tuesday 10 February 2015

ATO reports on GST lodgments

Recent research by the Tax Office indicates that GST errors are made most frequently by small to medium businesses.

To assist taxpayers, the Tax Office has created a factsheet outlining how to avoid common errors that may occur when completing a business activity statement (BAS), accounting for GST and claiming GST credits.
Common GST errors include:
  • Not reflecting the difference correctly when accounting on an accrual basis and lodging the BAS on a cash basis (vice versa);
  • The BAS does not reconcile with accounting records or tax return;
  • Leaving compulsory boxes unmarked even if it does not apply to you;
  • Not keeping appropriate records for sales and purchases;
  • Not locking the previous GST period; and
  • Claiming full GST credits on purchases that are not for 100% business use.
Considerations to avoid GST errors include:
  • Ensuring the GST codes are set up correctly for accounts;
  • Checking that the tax invoices issued and received indicate GST;
  • Using a registered BAS or Tax Agent;
  • Being consistent with whether lodging GST annually or quarterly.
Lodging electronically may qualify for an extra 2 week lodgment extension.
For more information, click here.

1 comment:

  1. Nice information on here, I would like to share with you all my experience trying to get a loan to expand my Clothing Business here in Malaysia. It was really hard on my business going down due to my little short time illness then when I got heal I needed a fund to set it up again for me to begin so I came across Mr Benjamin a loan consultant officer at Le_Meridian Funding Service He asked me of my business project and I told him i already owned One and i just needed loan of 200,000.00 USD he gave me form to fill and I did also he asked me of my Valid ID in few days They did the transfer and my loan was granted. I really want to appreciate there effort also try to get this to anyone looking for business loan or other financial issues to Contact Le_Meridian Funding Service On Email: / He also available on WhatsApp Contact:+1-9893943740.