GST reporting errors


GST reporting errors

Flor- Hanly - Sunday, December 09, 2018

Avoid five common GST reporting errors

We have identified five of the most common errors made when reporting GST. 

GST stress
These errors make up more than half of overall corrections made to GST reporting. 

With some simple checks, you can avoid these most common errors.

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.
Flor-Hanly works proactively with our commercial and agribusiness clients to make sure that you are not only meeting your tax obligations but also to make sure you are not paying too much tax.

Contact our accounting team on (07) 4963 4800 to arrange a complimentary discussion about how we can work with you.

Source ATO

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