Avoid 5 common GST reporting errors

ATO identifies five common errors when reporting GST

Errors make up more than half of the overall corrections made to GST reporting.

In most cases, the mistakes are due to a taxpayer error.

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 your clients can substantiate their claims for GST credits
  • check there is a creditable purpose, so your clients do not claim GST for goods purchased for personal use
  • make sure your clients charge GST when they need to, including your businesses clients that may not realise they will pass the $75,000 GST threshold.

We provide practical, no-nonsense, real-world advice and proven solutions that you can implement now to deliver accurate results – not simply provide you with textbook answers. Find out how to grow your business AND be financially well organised. Call the Omnis Group team in Subiaco Perth on 08 9380 3555 today.

Source ATO