Keeping accurate GST records
You need to record your sales and purchases so you can report your GST liabilities accurately and claim the GST credits you're entitled to.
With manual record-keeping systems, you can account for GST by adding a GST amount column to your cash receipts and cash payments books. You will need to tally your GST sales and credits when you prepare your business activity statement (BAS).
Most businesses find it easier to record transactions electronically. Accounting software can produce tax invoices and provide up-to-date summaries and reports of your GST liabilities and credits, helping you manage your cash flow and complete your activity statement.
Recording your sales and purchases accurately will ensure you identify all the GST credits you are entitled to and make it easier to manage your GST obligations and avoid penalties.