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.
See BAS and GST tips for more useful information.