Simple tips to manage GST and cash flow
Keep records electronically and in the one place. By keeping your records electronically and all together, when it is time to prepare your business activity statement (BAS) you will have all the information you need in one place, making it faster and easier for you to complete your BAS and track your business performance.
Use electronic software. By using an electronic system you will be able to create tax invoices, easily separate your GST and GST free items, and keep track of your total income and expenses, which will save you time and help reduce common record keeping errors.
Manage your cash flow. Successful businesses hold the GST they collect to pay to the ATO in a separate bank account. By doing this, you will always have the money available to pay to the ATO when it’s due and you won’t need to move funds between different aspects of your business.
For more tips and information on GST:
watch GST videos at youtube.com/AusTaxOffice.