Latest Accounting News

GST reporting: common errors and how to correct them

      

 

Some businesses are making simple mistakes reporting their GST.

Common GST reporting errors are:

  • transposition and calculation errors – these mistakes often happen when manually entering amounts, so it’s important to double-check all figures and calculations before submitting your BAS;
     
  • no tax invoice – you must keep tax invoices to be able to claim GST credits on business-related purchases;
     
  • transaction classifications – it’s important to check what GST applies for each transaction; for example, transactions involving food;
     
  • errors in accounting systems – a system with one coding error can classify several transactions incorrectly; and
     
  • rents and outgoings entitlements depend on the landlords status

 

 

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