Tips to Avoid Common GST Errors
Accuracy and correctness are essentials to faster and trouble-free filing of your GST. It is not enough you filed, ATO will also require you to report the right information, do the correct calculations, and filled out the appropriate forms. You will be held liable to everything you reported. A certified bookkeeper in Brisbane can lodge the report for you, accurately and a lot faster. You eliminate the errors and is able to spend time on things that really matters to you – taking care of your clients and growing the business.
Avoid spending time and money unnecessarily due to misfiled GST by getting them right. Here are some tips to avoid the most common errors in GST filing;
1. Spend quality time for filing up the forms – You cannot simply start on checking off boxes while on a meeting or during your lunch break. Allot few hours, especially if it’s your first or second time reporting, for this exercise. Remove all distractions and focus on the task. Have all the information and figures you need ready and handy.
2. Double check all vital information – These are the easiest blanks to fill in, and it’s also where you are most likely to commit an error. Double check the following;
- Your business name
- Your Australian Business Number
- Your business structure
- Your name and contact information
3. Check on your accounting – Not all entrepreneurs are wired to keeping accounts. This job is best suited for a certified Brisbane bookkeeper or accountant. However, if you are lodging reports by yourself, make sure you have the following right;
- Sales and purchases should match the accounting period you are reporting.
- Check if you’re using the appropriate accounting method. Different GST calculations apply to different business types and industries. Check here for the most appropriate method to calculate your GST.
- Are you paying installment? Are you filing for monthly, quarterly, or annually? Make sure your calculations are correct.
- Re-do the calculations to check on the accuracy of the figures.
4. Know the basic rules – A single innocent mistake can invalidate your report, and would require you to re-file your GST. That means another set calculations and forms to fill out. Here are the basic rules in lodging in returns in paper;
- Only black pens are allowed in filling up report forms
- Do not mark anything that do not apply
- Amounts should be rounded to the nearest dollar
- Do not use special characters like $, +, -, /
- Complete the form by signing the declaration
- Reporting is required to all GST registered businesses even if there was no business activity for the period covered.
You can easily spend the whole day figuring the needed information and calculating amounts for your reports. Call us to discuss more about the GST, BAS, and tax requirements of your business. We are here to help make your Brisbane bookkeeping, BAS lodging, and business taxation easy, done correctly and on time. We take away the time-consuming and complex part of running a business.