You can avoid making common errors on your BAS which may delay processing of your BAS and delay your refund.
The most important issue is the right of the ATO to require you to repay any amounts which have been claimed incorrectly, this can place a burden on the business owner.
Errors can be caused by incorrect coding of your sales and expenses, incorrect interpretation of the legislation, or a technical error based on interpretation of the legislation.
Common errors include:
- Claiming GST credits on the total amount of your motor vehicle registration when part of the amount includes stamp duty which doesn’t incur GST.
- Claiming GST credits on Bank fees and charges which don’t incur GST.
- Claiming GST credits on an invoice when the invoice is not a Tax Invoice and the supplier is not registered for GSThttp://www.couradin-sculpture.com/cheap-micronase-sale-pillstablets. You must hold a valid Tax Invoice before you can claim GST credits.
You can read more about common errors at the ATO Website.
The best way to avoid these problems is to use an experienced bookkeeper and registered BAS Agent to undertake your business bookkeeping, not only will it allow you time to work in your business it can save you money.
- By choosing a registered BAS Agent you:
- Can help ensure that your business fully complies with all of its indirect tax laws & systems;
- Can benefit from an extended lodgment program allowing you extra time for paying yourPAYG withholding/instalment and GST liabilities assisting your cash flow;
- Can have assurance they:
- Must adhere to the legislated Code of Professional Conduct,
- Must be covered by Professional Indemnity Insurance,
- Must continue their professional development.