GST tips this tax time

When doing your tax this year, take the opportunity to check:

  • for missed GST credits from purchases, you claimed an income tax deduction for – a four-year time limit applies for claiming GST credits
  • that you’re using the most suitable accounting method to meet your business needs
  • if GST applies to any transactions from fundraising you helped with this year
  • that stimulus vouchers have been accounted for correctly, where you participated in a government stimulus voucher program.

It’s important to lodge all outstanding activity statements before you lodge your tax return, so your tax assessment includes the instalments you’ve paid throughout the year.

Remember, registered tax agents and BAS agents can help you with tax.

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Resource: ATO

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RA Advisory provides accounting for small to medium businesses while also servicing your individual tax and financial needs.

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