Even though the Goods and Services Tax (GST) has been in operation for 20 years, despite its best efforts to educate the general public, the Australian Taxation Office (ATO) is still receiving Business Activity Statements (BAS) containing many errors. Most of these errors relate to the over-claiming of GST input tax credits but in general, can be attributed to a misinterpretation (or lack of knowledge) of GST legislation.
Below is a list of some of the most common errors business owners make when preparing the BAS.
8. Incorrectly claiming GST on the following items:
Developing good record keeping habits will go a long way towards avoiding many of the above mistakes. However, the best way to ensure that your BAS is prepared correctly is to engage the services of a BAS Agent. These professionals have a much better understanding of the accounting behind the above business expense scenarios than most business owners. It only makes good sense to engage a professional to do it for you!
Hay Accounting Group Accounts are registered BAS Agents and Jodi has 20 years of experience in GST bookkeeping with all types of entities. We can process and lodge your BAS for you. For a free consultation and appraisal of your bookkeeping needs, please click on this link: