Is your GST system costing you money?
Wednesday 17 November 2010Outdated or unreliable business systems could be costing your business time and money by incorrectly reporting your Goods and Services Tax (GST).
The Tax Office's integrity of business systems health checklist will help your business to keep on track with GST reporting and payments. The checklist will help make sure you:
- correctly classify all sales and purchases
- can correctly classify mixed supplies
- don't leave incomplete information on activity statements
- track the flow of invoices so that GST credits are claimed on time
- adjust prices to include GST
- manage cash flow and reflect your correct financial position, and
- accurately track the GST paid and charged for both electronic and paper-based transactions.
For more information or to download the checklist, visit the Tax Office website. For more information about taxation, see our topic.
This content is supplied to Flying Solo via business.gov.au,
the Australian Government's principal website for business information and resources.
