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5 common mistakes small businesses make with GST

The Goods and Services Tax (GST) is a tricky tax to come to grips with for those who don’t deal with it on a day-to-day basis, so here are a few items to make certain you get right.

As a financial advisor and accountant, there are a few errors I see frequently made by businesses when it comes to handling GST.

From the outset, the one consideration small businesses and sole traders should have regarding whether or not to register for GST is a matter of their expected income.

If you project income of over $60,000 over the financial year, then you absolutely should register in order to be compliant in the eyes of Inland Revenue. Not sure whether this is likely or not?

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