Talking Cents

Most common GST reporting mistakes the ATO has found - brought to you by our small business accountants in Sydney

After this year’s end of financial year, the ATO started to crack down on a lot of mistakes that businesses of all sizes were making when it came to their taxes - especially GST reporting. As your small business accountants in Sydney, we wanted to tell you about the most common errors found by the ATO when it comes to GST reporting.

Here are some of the most common mistakes when it comes to GST reporting and business accounting:

• Reported errors on transcription-based calculations, which derives from human error and should always be checked
• Not having any of the correct tax invoices for that year – did you know that suppliers need to supply you with a tax invoice within 28 days of payment (always make sure you follow up)
• Not fully understanding or knowing what GST is actually applicable – it is vital to cross-check your tax obligations with a business accountant in Sydney
• Some of the cheaper accounting software cannot process data correctly and gets confused with certain formulas

As a small business ensuring that all types of reporting are done correctly, be sure to stay on top of your reports well before the next financial year comes – so choosing the right small business accountant in Zetland plays a major role in getting this done!

As always, feel free to get in contact with our small business accountants in Sydney if you have any enquiries or you can check out our full range of services here.