When you’re doing your tax this year, why not use the time to check your GST? Here’s our recommended list of GST items to check.
Your GST registration
- You may need to register if you’re approaching the threshold or cancel if you no longer need to be registered.
Any outstanding business activity statements (BAS)
- They’ll need to be lodged before you lodge your tax return, so your tax assessment includes the pay as you go and GST instalments you’ve paid throughout the year.
Any missed GST credits
- It’s a good time to check if you have missed claiming any GST credits. Your entitlement to a GST credit ends four years after the due date of the earliest BAS in which you could have claimed the credit.
The accounting method you use to report
- It’s a good time to re-evaluate if it’s right for your business needs. You can change at the start of a new tax period.
When you’re lodging your tax return, remember:
- if you’re entitled to GST credits, a deduction for your business should be the amount of the purchase less any GST credits
- if you’re not entitled to GST credits, you can claim the full cost of a business purchase, including any GST, as a deduction.
Source: gov.au
