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Does your business need to pay GST? To be sure you are reporting GST accurately; the following advice might assist you in correcting some GST errors in your business.

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  • Some companies incorrectly set GST codes in their financial software. If you are not certain that they are correct, get a Tax Accountant to review the codes for you.
  • Small Data entry mistakes are often caused by staff. Sometimes staff can rush to get things done and ignore what GST was printed on the invoices.
  • Incorrect Accounting methods used when reporting. You can use either a cash method or an accrual method to report GST. Check with a tax accountant to see whether you are using the right method.
  • When you are selling a company asset, if you are also registered for GST, the sales should be GST inclusive. Be sure to include GST in your sales price.
  • Purchases of capital items need to be reported in GlO on the BAS, instead of Gll. If you are not certain, check with a Tax Accountant.
  • General bank fees are GST free, but most merchant bank fees do have GST. You can check with the bank to see whether there is any GST component.
  • Interest incomes are GST free.
  • A tax invoice could include GST free and GST inclusive items. This could consist of motor vehicle registration, insurance, and mobile phone bills. Make sure you or your staff, is inputting the right data to your software.
  • You can’t claim GST on the portion above luxury car limit. Check the limit on ATO website.
  • GST is not included in government charges such as land tax, council rates and water rates.
  • Basis foods are GST free. Such as milk and water.
  • Overseas exports are GST free.
  • Gift cards are GST free.
  • Wages and superannuation are GST free.
  • Donations are GST free.
Declaration: We hope this information will be useful to you. Remember, this article has been prepared without specific knowledge of your financial situation. Before making financial decisions or plans be sure to consult with an Accountant or a Financial Advisor.

Declaration: The Excel files and content of this website have been prepared without taking into account your personal financial situation or knowledge of your financial needs. Impact Taxation and Financial Services cannot be liable for any losses or damages arising from using the information provided. It is the user’s responsibility to seek independent advice from a professional accountant before implementing any financial plan.