MWL FINANCIAL GROUP
SECTION – YOUNG ENTREPRENEURS
SUBJECT – Evidence
Hi I'm Matt Laming, Structures Advisor for Young Entrepreneurs and start ups at MWL Financial Group
When preparing your Business Activity Statement it is important to keep the appropriate level of evidence in the case of an audit.
For sales under $1,000, a tax invoice needs to show your identity, your ABN, the date of the invoice, description of the item sold, the GST amount, and the amount of the sale that is subject to GST. For sales above $1,000 the buyer’s identity or ABN needs to be shown in addition to all the previous items.
For purchases, anything over $82.50 (including GST) a tax invoice needs to be kept – and it should be on hand before you can claim any credits.
With the improvement to technology, there are various ways to record your GST transactions whilst keeping the appropriate level of paperwork.
For more information contact us at firstname.lastname@example.org and either me Matt Laming or one of our experts will be more than happy to help.