GST and BAS tips to keep your business on track
12 June 2019
Being well prepared can help you manage your cash flow and get you your refund faster.
Keep your business on track with these GST and BAS tips:
- Keep all records used to prepare your BAS for at least five years.
- Only claim GST credits for business purchases that include GST in the sale price.
- Check that suppliers are registered for GST.
- Check invoices are only reported once on your BAS.
- You need to hold tax invoices to claim GST credits for purchases over $82.50 (including GST).
- Fill in amounts on your BAS as whole dollars ‒ leave out cents and don’t round up to the nearest dollar.
- Lodge your BAS using our online services and you may receive an additional two weeks to lodge and pay.
- Putting money aside in a separate bank account for the GST you receive may make it easier to pay your BAS.
- If you think you’ll have trouble paying, contact us early. Even if you can’t pay, you still need to lodge your BAS on time.
Remember, registered tax agents and BAS agents can help you with your tax.