If you are small business who has just started out, most of the time you’d be trying to do your own bookkeeping and accounting for a while to save some money on the initial funds. But our bookkeepers for small businesses in Sydney are here to tell you the most common GST mistakes by businesses.
Here are the common GST mistakes that our small business bookkeeping company in Sydney has found when going over certain BAS reports done by business owners:
• Claiming GST on all expenses
• Claiming GST on all sales
• Double Dipping on GST, a lot of people think that they can claim GST on long term investments like a car constantly, when in reality the GST gets claimed initially at the beginning
• Including wages and superannuation as a purchase
• Forgetting to include all cash sales and purchases
• Claiming GST on purchases when the supplier is not registered for GST
These are simple mistakes made by business owners simply because they are not as knowledgeable as a professional small business bookkeeper in Sydney.
If you have any questions, feel free to ask our bookkeepers for small businesses in Sydney.