Have You Incorrectly Charged GST on a Sale?

If you’ve mistakenly charged GST on a sale, it’s crucial to address it properly to avoid compliance risks and unnecessary costs. TaxAssist Accountants is here to guide you through the process and ensure your business remains compliant.

Common GST Mistakes

You may have incorrectly charged GST if you:

• Treat a non-taxable transaction as a taxable sale.
• Apply GST to a GST-free or input-taxed sale.
• Overreport GST on a Business Activity Statement (BAS) due to a miscalculation.

 

What Happens to Excess GST?

Under tax law, excess GST is generally treated as payable if:

• You passed the GST cost onto your customer.
• You have not reimbursed your customer for the excess amount.

However, if you reimburse your customer, adjustments may be required in your BAS to correct the previously reported GST amounts.

How TaxAssist Accountants Can Help

Don’t navigate GST complexities alone—let our experts take care of it for you. We’ll accurately identify and correct GST errors to help you avoid penalties, manage BAS adjustments to keep your records compliant, and ensure precise GST reporting to prevent future mistakes.

Contact TaxAssist Accountants at 1300 513 332 and book an initial free consultation. Let us take care of the details, so you can focus on growing your business.

Date published 27 Feb 2025

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.