GST and Small Business — Mistakes That Multiply
For many small businesses, GST compliance is just another item on a long to-do list. Between managing operations, chasing payments, and serving clients, it’s no surprise that tax accuracy can fall through the cracks.
But small mistakes — like misclassifying a transaction or failing to issue valid tax invoices — can compound over time and cause real damage if left unchecked.
Common GST Issues in Small Business
- Misclassified Transactions
Expenses and income items are often coded incorrectly in accounting software, leading to underclaimed credits or GST overpayments.
- Missing or Invalid Tax Invoices
Claiming input tax credits without valid documentation is a frequent audit trigger. Tax invoices must meet ATO standards to be compliant.
- Overlooked Adjustments
GST adjustments (like bad debts, credit notes, or cancelled sales) are often missed or incorrectly processed.
- Reactive BAS Reviews
When BAS reviews are rushed, there’s no time to properly review coding, check documentation, or apply corrections — meaning errors get carried forward each quarter.
The Solution: A Quick, Proactive Review
A fresh pair of eyes on your GST process can help identify:
You don’t need a full audit to get value — even a light-touch review can strengthen your GST position.
BTG can help.
BTG helps small businesses across Australia simplify GST compliance and unlock value through targeted reviews and advisory support. Whether you’re looking to recover missed credits or just want peace of mind at BAS time, we can help.
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