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 stepsChoosing an accounting method, thinking about cash flow and GST and the advantages of keeping good records.