Avoid These Common GST Mistakes Made by Small Business

A study released by MYOB Australia has highlighted a few surprising statistics about small business in Australia.

Generally it states that businesses are now spending up to 10 hours per month on preparing BAS data for the ATO.

Not to mention that 59% of small businesses also stated they feel like they are an administrative department of the ATO. The second aspect of this MYOB report into small business is the alarming statistic that only 35% of small businesses are actually putting money aside on a regular basis so that they can pay their monthly or quarterly BAS when it falls due.

It is good business practice that by meeting your ATO obligations you will have a much better appreciation of your true cash flow position and be in a better position to plan your business finances for success.

With these statistics in mind, we decided to try and find out what were the more common GST mistakes made by small business. After scouring the net, we found this list to be consistent across the board with what GST errors businesses are making:

As you can see, there are many pitfalls in the complex world of bookkeeping so if you are in doubt, please give us a call at Irena’s Bookkeeping as we can be there to help you get it right the first time. Call us today and we will be glad to assist. (02) 9011 5337