- When do I need to register for GST?
- How do I fix a GST BAS mistake?
- Is my “Business Portal” changing?
- How do I revise my activity statements?
There are many questions regarding GST. It’s important to have the right answers. Understanding is key to keeping your business compliant. As a business owner, it’s your responsibility to register for GST when you know you will go over the limit. Knowing how and where to fix mistakes is a crucial process for compliance. The business portal is your access for all your tax and super needs.
When do I need to register for GST?
You need to work out your GST turnover to decide if you need to start reporting. Your GST turnover is your total business income, excluding certain sales (not your profit). You can register when you start your business or later.
You need to report when you reach the GST turnover threshold, which is once:
- your ‘current GST turnover’ (your turnover for the current month and the previous 11 months) totals $75,000 or more
- your ‘projected GST turnover’ (your total turnover for the current month and the next 11 months) is likely to be $75,000 or more
- you provide taxi or limousine travel (including ride-sourcing services like Uber, GoCatch, Didi or OLA) regardless of your GST turnover
- you want to claim fuel tax credits for your business, regardless of your GST turnover
You must register for GST within 21 days of becoming aware that your GST turnover will go over the threshold. It’s a good idea to check each month to make sure you’re not likely to go over the limit.
Using a business software package to account for sales and expenses may make this easier.
Please note you may choose to register if you are below the limit, but you must then include GST on sales, claim GST credits on purchases and lodge a business activity statement. Some businesses are cautious of buying from those that are not registered for GST, perhaps doubting their integrity and this could affect your sales. Additionally, some businesses prefer to purchase from GST-registered businesses just so they can claim the GST back.
Please visit https://www.ato.gov.au/Business/GST/Registering-for-GST/#WorkingoutyourGSTturnover for the latest information (29/04/2021)
Tip: If you are not sure which food and beverage products attract GST check out this look up tool
GST – GST food and beverage search
Fixing a GST BAS mistake
A mistake relates to an amount that was incorrect at the time of lodgement. Examples of mistakes include:
- Clerical or transposition errors
- Coding a GST-free sale or purchase as taxable
- Coding a taxable sale or purchase as GST-free
- Duplicating some of your purchases.
- Reporting a sale twice
- Overstating or understating GST
Note that you have a four-year time limit on claiming refunds and credits
Advice from the Institute of Certified Bookkeepers http://www.icb.org.au/out/?dlid=13360
If you pick up on an error with a prior Activity Statement, you have two options for
Correcting the error:
- Correct the error on the next BAS or IAS due. This is generally the easiest option, providing it is the kind of error that can be corrected on a later Activity Statement.
- Revise the earlier Activity Statement that contained the error. This can be done online via the business or BAS agent portal or SBR provider. We recommend that where possible correct the error on the next BAS. You may choose to revise a prior BAS if the amount is significant.
You can fix a mistake on your next BAS or revise the original BAS. Conditions apply depending on if it is a credit or debit error. Many mistakes relating to GST can be corrected in your next BAS.
If you cannot correct your mistake in your next BAS, you need to lodge a revision.
“If we accept your revised amount in full and the amendment is made within the period of review, the revised statement will be taken to be a notice of amended assessment. The date of effect of the amended assessment is the day we adjust your running balance account.”
Is my “Business Portal” changing
The Business Portal and electronic superannuation audit tool are being replaced by Online services for business for all your tax and super needs. We recommend you start using this new service for your transactions with the ATO.
To log in to the Business Portal or Online services for business you need to use myGovID and Relationship Authorisation Manager (RAM).
The business portal is available to complete many requirements from the ATO.
- prepare, lodge and revise activity statements
- view statements of account and find your payment reference number (PRN)
- view your Single Touch Payroll (STP) reports
- request a refund or transfer funds between accounts
- update your business registration details, including email addresses
- register for goods and services tax (GST) and pay as you go (PAYG) withholding
- test, lodge and download files
- lodge various online forms
- request a ruling or lodge an objection
- access the Small Business Superannuation Clearing House (SBSCH)
- communicate with us through a secure mailbox
Revising activity statements
Revising activity statements is accessible for ease and convenience on the portal to keep you in control.
Find the area for Activity Statements.
Have a look at the list of your Activity Statements.
The initial screen displays the statements not yet lodged.
The History screen displays the lodged statements.
To revise an activity statement online, view the activity statement by selecting it from the list below and then select the request a revision button.
After selecting your “account” from the left-hand side, you will be able to check the processed amendment in the transaction description.
