Some businesses are making simple mistakes reporting their GST. The ATO reminds taxpayers to avoid the following common GST reporting errors:
- 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 may be GST applicable; and
- errors in accounting systems – a system with one coding error can classify several transactions incorrectly.