Accounting and GST complianceAt SUMMIT Accountants & Business Advisors we recognise that our clients are often time poor, focused on what they do best from their business or profession and wanting to spend quality time with their families. To help them achieve this, we take care of their accounting and GST compliance requirements. Irrespective of the size of the business, our systems and processes ensure that our clients’ ATO obligations are under control.
However, by way of example, outdated or unreliable business systems could be costing your business time and money by causing you to incorrectly report your Goods and Services Tax (GST).
The Tax Office’s booklet GST and the integrity of your business systems contains a checklist to help you keep your business on track with GST reporting and payments. The checklist helps ensure 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.
