Business Guides
GST for small business
Here's how to ensure that your GST is accurate and accounted for according to the ATO.
Staff Writer
Mar 26, 2011
The ATO has recently clamped down on small businesses that do not pay their GST on time – or in some cases at all.
To ensure that your GST is accurate and has been accounted for according to the ATO, enlist the services of a qualified accountant or service that will give you directions for recording, accounting and delivering GST compliance following Australian Taxation Laws.
We all need a road map when it comes to ATO compliance. For complete peace of mind, be sure to follow the basic steps below:
- Consult an Accountant.
- Engage the Accountant to sign off on your financials regularly, at least every quarter, before sending in your BAS.
- Engage the Accountant to prepare your BAS.
- Engage a recognised ATO BAS agent to submit your BAS.
Make sure all your financial records are compliant with ATO requirements. It would be best to have a tax invoice to claim the GST that details legitimate costs for running your business.
Keep a good filing system for your records. When the ATO calls, they want to see your proof of claim against the GST.
Don’t PANIC if the ATO question your claim – they are just confirming the details you have submitted. But you must ALWAYS have your records handy to provide proof.
To avoid any penalties from the ATO, make sure you lodge your paperwork on time.