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GST checklist designed to help firms meet deadline

WITH the GST fast approaching, the Australian Tax Office has created a checklist to help small businesses meet the required deadlines.

Currently, businesses should ensure they have obtained their registration package for the Australian Business Number, GST and other elements of the new tax system.

Business owners can also check online at www.taxreform.ato.au for information on the Business Activity Statement and GST.

A trial BAS can also be filled out electronically at this site.

Pricing issues also require urgent attention, as the removal of wholesale sales tax and other taxes must be taken into account and new GST-added prices must meet Australian Competition and Consumer Commis-sion guidelines.

Supply contracts spanning 1 July should be examined, as should record keeping procedures.

Arrangements for a GST education officer to visit can also be arranged now if it is thought necessary.

Businesses should check stationery to ensure it includes their ABN and starting training staff to meet the changes.

May is the last chance for businesses to register for the ABN and GST in order to qualify to claim input tax credits from 1 July.

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