Claiming GST on things that do not have it
Bank fees, interest, wages, some insurance and overseas subscriptions. Claiming GST where none was charged is an audit trigger and has to be repaid.
Cash versus accruals confusion
Reporting on one basis and reconciling on the other produces phantom differences that compound every quarter.
Missing fuel tax credits and other entitlements
Money left on the table because nobody asked whether the business qualified.
Wages and PAYG withholding out of step with STP
When payroll and the BAS disagree, the ATO notices before you do.
Lodging late
Penalties and interest are automatic. A calendar and a bookkeeper who owns the deadline cost far less.
A BAS is a quarterly health check. Treat it as a chore and it becomes an expense.
This article is general information only and is not legal advice. Contact YSA Partners for advice on your circumstances.