6 tax mistakes to avoid!

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Post on 14-Jun-2015

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As a bookkeeper, I come across a number of costly mistakes that small businesses make on a repeated basis. I am only going to share six of them with you in this article. My goal is to make you aware of what these are to save you money, an audit and sleep more soundly at night. Please let me know if you can add some more, as I know that there are alot I could have included! What are the six mentioned above? 1. Poor Record Keeping 2. Pay for an Accountant you do not need 3. Fail to use the convenience of cloud accounting software 4. Claim GST on all expenses 5. Fail to claim all your expenses 6. Forget to pay on time What other mistakes can YOU think of? Read the entire article at http://www.myofficebooks.com.au/blog/6-tax-mistakes-to-avoid/

TRANSCRIPT

  • 1. 6 Tax Mistakes to avoid!
    By Amanda Hoffmann

2. 1. Poor Record Keeping
3. Keep good records by:
Have a filing System
DO NOT mix business with personal
Save your receipts and invoices
Use online tools like dropbox
4. 2. Pay for an Accountant you do not need!
5. Only pay for what you need!
Can the ATO assist you for FREE?
If you earnt under $20k use e-tax
Pick up the phone & ask for a quote first!
Ask a bookkeeper or accountant who they use
6. 3. Fail to use cloud accounting
7. What you should do
Ditch the 10 year old desktop programme
Use Xero, Quickbooks or Myob Essentials
Authorise bank feeds
Pay a certified bookkeeper to set it up
Pay for training so you can do it yourself!
8. 4. Claim GST on all expenses
9. What is not GST :
Bank fees and Interest are GST free
Car registrations & stamp duties are GST free
Paypal, Etsy, Ebay unless Australian are GST free
Directors fees are GST free
Google adwords, Facebook Ads are gst free
10. 5. Fail to claim all business expenses
11. What to do...
Keep a diary of all business events / meetings
Photograph fuel, parking and other loose receipts
Ensure you file all business receipts in one spot
Use your phone and apps to save expenses
12. 6. Forget to pay on time!
13. Avoid late fees & fines
Forward date your online payments
Keep a electronic or paper diary
Create a reminder on your phone when bills are due
Organise a filing system that you refer to at the start of each day
Find what works for you and do it every time!
14. Love what you read?
Read the entire article at
http://www.myofficebooks.com.au/blog/6-tax-mistakes-to-avoid/
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