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  • 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.

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    Last modified: 17 Jun 2015QC 22439