10 Common GST Mistakes

It’s not uncommon for people to make errors regarding GST and, as bookkeepers, we see a lot of these mistakes when reviewing clients’ accounting software setup.

We’ve listed the top 10 most common GST mistakes below.

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A common mistake with wages and super is that people think they are to be included as an expense.   Instead, wages are to be reported at W1 and super is not required to be included in your wages report.

For clarification on any of these points, or to verify your GST reporting, contact one of our friendly team members – we’re happy to help!

As a small business owner it’s important to develop good record keeping habits and avoid unnecessary mistakes.

Ensure you take time to stay up to date by reading the bulletin from the ATO when it comes with your quarterly BAS, instead of throwing it straight into the bin. The ATO also hosts free webinars from time to time.

If you find all this too time consuming or too difficult, the best way to ensure that you prepare your BAS correctly would be to engage Bizwize who are qualified BAS Agents.

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