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.
Follow the links below for more information about:
Choosing an accounting method
Keeping accurate GST records
Paying GST and your cash flow
Choosing an accounting method, cash flow and GST, and the advantages of keeping good records.