The ATO recently published the five most common errors made when reporting GST. These errors make up more than half of overall corrections made to GST reporting.
With some simple checks, these errors can be avoided when reporting GST;
- make sure report timing is correct, and report for the correct tax period;
- check your figures to avoid accidental miscalculations and simple transcription errors;
- you need to ensure you can substantiate claims for GST credits;
- check there is a creditable purpose, so you do not claim GST for goods purchased for personal use;
- make sure you charge GST when you need to, including businesses that may not realise they will pass the $75,000 GST registration threshold.
For further enquiries or assistance into GST reporting, contact the team at Hooper Accountants today.