Accounting for GST in your business

As a GST-registered business, you need to issue tax invoices to your customers, collect GST and send it to us with your business activity statement (BAS). There are a few ways you can make this easier to manage:

• use business accounting software to produce tax invoices and automatically generate reports of your GST liabilities and credits at BAS time
• put the GST you collect in a separate bank account
• take advantage of the cash accounting option to better align your GST liabilities with your business cash flow.

Next steps

• Choosing an accounting method
• Paying GST and your cash flow
• BAS and GST tips