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