Advice & Tips

GST

Everyone wants to be prepared for Tax Bills. The best way to do this is to stay on top of your data entry. This means doing it daily or at least weekly.

Never leave it to the last moment to meet your your GST deadline date. Last minute work = mistakes and stress. If you repeatedly find yourself in this situation offload the accounts to us. Simply send us your paperwork. We’ll do the data entry, check we have it right, prepare and submit the return all in a timely manner.

Remember - if you are paying GST they say you are making money! That must be a cause for celebration. Contact us to take away the stress of getting ready for your GST.

Paperwork

If you are on ‘Payments’ Basis:

Are you using Excel spreadsheets based on your bank statements? Although this may seem like an easy option in the beginning it’s no way to accurately run your business.

  • Take advantage of online software like Xero, MYOB Online or Cash Manager Online.
  • Do your bank reconciliations on a daily, or minimum weekly basis. Items are then fresh in your mind for GST.
  • Run your GST report at the end of every month and check transactions have been coded correctly.
  • Even if you are not filing your return yet check if a payment or refund is required. Forewarned is forearmed.
  • Being on top of your data entry gives you extra time to forecast cash you need to pay your GST bill.
GST

If you are on ‘Invoice’ Basis:

It's critical you have accounting software in place like Xero or MYOB Online.

  • Prioritise daily or weekly data entry of your supplier invoices, cash receipts, bank and credit card statements. I’m going to assume you are already invoicing customers on a timely basis as that should be a top priority for every business!
  • At the end of every month reconcile your suppliers invoices to your supplier statements to ensure you are not missing any invoices.
  • Run your GST report at the end of every month and check transactions are coded correctly.
  • Even if you are not filing your return yet check if a payment or refund is required. Forewarned is forearmed.
  • Being on top of your data entry gives you extra time to forecast cash you need to pay your GST bill.