GST errors are unfortunately commonplace in business BAS. Yet most businesses do not intentionally set out to make these mistakes in order to gain some benefit. Many GST mistakes are simply that – an inadvertent error. When these happen though, GST errors can cost your business time and money. Not to mention delaying your refund. Here are some tips to get your BAS right first time round.

BLOG: Keep your BAS free of GST errors

  • Scrupulous bookkeeping: be sure to keep your books regularly updated and meticulously accurate. Keep a careful paper and electronic file of all relevant documents, like GST-inclusive tax invoices for purchases made
  • Keep to the specified tax period: confirm that all expenses and sales were incurred within the tax period at hand
  • Whole dollar amounts only: do not enter cents, symbols, decimal points or commas into your BAS. These can lead to processing errors that can delay your refund
  • Claim only business-related expenses: your private expenses have no place in your BAS
  • Double-check your BAS calculations: your calculated BAS amount must equal what you expect to receive as a refund
  • Lodge your BAS online: the ATO’s online portal is primed to identify many common GST and other mistakes made in BAS

If your business is in retail, professional services, logistics, construction or wholesale trade, you are among those business categories that have been identified as being at high risk of GST errors. So be sure to take meticulous care in getting your BAS right first time. You want to invest your time growing your business and engaging with your customers, not fixed BAS errors.

If you have inadvertently made some mistakes in your BAS then you can correct these yourself on your next BAS. You won’t incur any liabilities or general interest in doing so. This only applies if your error falls inside the correction limits though.