Top 3 Need-To-Knows for Claiming GST on Business Tax
Author │ Lal Paulose – MAS Tax Accountant Geelong South. P: 03 5222 3265
If you own or run a small-to-medium business, you would be aware of your tax and reporting obligations, but what about your GST. As a business entity, you can register for and claim GST credits on your BAS. Ensure that you are correctly claiming GST on business tax Geelong and are complying with the ATO processes and standards.
At MAS Tax Accountants Geelong South, we are committed to helping our clients to improve their business tax reporting and position. Working with different-sized businesses from a variety of industries, we provide tailored solutions designed to meet all your tax needs.
What you need to know when it comes to claiming GST on business tax:
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Register for GST
To be able claim GST back on your tax, your business must be registered to claim GST credits. It is mandatory for businesses with a gross income of $75,000 or more to be registered for GST. If you earn under the threshold, you can still register for GST and include it on your BAS return.
Find more information at the ATO website or speak with our Tax Accountant to see how this may apply to you.
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Know what you can claim
You can only claim GST on work-related products and services that you have purchased, if the supplier has included GST on the total invoice amount. You can check this by referring to your copy of the invoice. If you are unsure of the GST amount, your Accountant can help you to work out the figures.
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Keep a record of receipts and invoices
It’s important to maintain a well organised record of your receipts and invoices throughout the year, so you have all the needed information prepared and ready to go at tax time. To be able to claim a GST or other tax deduction, you need to have evidence of your work-related purchases – such as the receipt. Documents such as bank statements, purchase orders or delivery receipts aren’t sufficient to meet the tax invoice requirements.
Have a question about your claiming your GST credits? Speak with our specialist business tax accountants today.
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For more information or to schedule an appointment, please contact us below or call us on 03 5222 3265
