GST reporting errors
Avoid five common GST reporting errors
We have identified five of the most common errors made when reporting GST.
When reporting GST:
- make sure the timing is correct, and report for the correct tax period
- check the figures to avoid accidental miscalculations and simple transcription errors
- ensure you can substantiate your 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, especially businesses owners that may not realise you will pass the $75,000 GST threshold.
Contact our accounting team on (07) 4963 4800 to arrange a complimentary discussion about how we can work with you.