Goods and Services Tax (GST) reconciliation is when the net of GST on sales and the GST on expenses is reconciled between the business financial records and the amount is reported to the Australian Taxation Office (ATO). At BYO Group, we are GST specialists.
BYO Group is a member of the Institute of Certified Bookkeepers. We’re a registered BAS Agent and a Xero Gold Champion Partner. The team members at BYO Group are professional bookkeepers and accountants; we are experienced career professionals and industry leaders based in Australia.
GST Tax Reconciliation Adjustments
According to the ATO, it may be necessary to make tax reconciliation adjustments or expense reconciliation adjustments to reconcile your profits and losses regarding your business taxable income(1). GST Tax reconciliation adjustments include income not shown in the accounts, which has to be assessed for tax purposes. This includes assessable balancing adjustment amounts on disposal of depreciating assets and other taxable income not included in the profit and loss statement. It also includes income subtractions in the accounts that isn’t assessable income, such as:
- Profits from the sale of depreciating assets.
- Other income not assessable, e.g. gross exempt income.
If you’re searching the Internet for a local, expert, reliable bookkeeping or accounting service ‘near me’ or nearby to help you with your tax, bookkeeping or accounting issues, call the BYO Group on 0402 100 421 or complete the convenient online form. for a callback today.
References:
- https://www.ato.gov.au/Individuals/myTax/2018/In-detail/Net-income-or-loss-from-business/?page=18
