GST reporting: common errors and how to correct them

Some businesses are making simple mistakes reporting their GST.

Common GST reporting errors are:

• 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;
   
• errors in accounting systems – a system with one coding error can classify several transactions incorrectly; and
   
• rents and outgoings entitlements depend on the landlords status

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