Common GST Mistakes that can cost your business a lot of money
If your business is registered for GST, then you need to lodge your Business Activity Statement (BAS). It is imperative to avoid mistakes as any errors can cost your business time and money.
Some common mistakes that are made are:
- Not allocating a GST code to the income and expense transactions.
- Not reconciling the BAS “control accounts” – (GST received & GST paid)
- Claiming the GST on items that are GST Free
- Not claiming the GST on GST items.
- Buying an asset and coding it as an expense.
A trained, qualified bookkeeper can ensure you are reporting the correct GST and will keep you out of trouble with the Australian Taxation Office.
Speak to us today about how About Bookkeeping can help you. We have many systems and checks in place to ensure that everything is being reported correctly.