MCA Accountants

3 days ago

When registered for GST, you must charge GST on all sales and items connected with your business - not just your ordinary trading activities

The biggest error we see is on car trade-ins. You are required to remit to the ATO 1/11th of the trade-in value you receive. You can't claim the GST on the car, and then not pay GST on the sale of the car. ... See MoreSee Less

MCA Accountants

6 days ago

A misunderstood part of GST (and one that many accountants take advantage of unfortunately) is that mistakes to your BAS's can often be fixed on your next BAS - you may not have to amend a previous BAS

Where you have overpaid due to an administrative error, you can claim back the GST on your next BAS, as long as it is within 4 years of the mistake

Where you have underpaid the same applies for errors under $10,000. For larger errors you do need to do BAS amendments

As with everything, there can be exceptions to the rules - so be prudent

Unfortunately some accountants we know will amend all 4 BAS's in the year for even minor errors, and then charge you for the privilege... if your accountant does this, simply refuse to pay (and then find a more honest accountant) ... See MoreSee Less