GST remains burden for small business
The GST was introduced into Australia two years ago today – and small to medium-sized businesses are still having trouble with it, according to Greg Hayes, of Hayes Knight. The GST intrudes into every facet of business life, Mr Knight said, and although business owners are used to the tax they are still making mistakes. It's quite easy to do, he said, because if there aren't proper procedural systems and controls in place you can miss things and miscalculate GST.
Most businesses registered for GST submit business activity statements quarterly and then reconcile them at the end of the financial year.
Mr Hayes urged small and medium-sized businesses to look beyond compliance issues. Use the information you're gathering for the Tax Office as a management tool, he said.