Common Errors about GST
Links to the ATO for guidance about common errors to avoid in your bookkeeping
GST claimed in your Business activity statement
If you don't know ask!
If you don't know, ask!!! - unless you want to pay squillions in tax!
Develop a system
Develop a systematic way of keeping your records and documenting your affairs.
Whether it is a cash book or computerised accounting system, if it works for you - stick with it. It's as easy as that!
Keep the paperwork
It's pure and simple - keep your receipts/paperwork.
Anything to do with deductions, what you can claim against your income tax and to do with your sources of income ie bank interest, dividends etc.
***Update for digital natives: find a way to get the photos of receipts off your mobile device, to where you can keep those digital images for the legislated 5 years' period of retention.
