Posted on Oct 06, 2008 under ATO, Bookkeeping |
ATO Reviews Book/Record Keeping Of Small Businesses
The Australian Taxation Office have been engaged in extensive programs of visiting Small Businesses to check if they are keeping adequate bookkeeping records. Can your business survive a tax audit? Contact us for a review of your bookkeeping system
Section 262A of the ITAA 1936 requires that a person running a business to keep records that expalin and record all transactions. The documentation must be kept for a minimum of five years
If the ATO find that your bookkeeping is inadequate, then the taxpayer will be informed and advised to improve the record keeping operation, and your business will be revisited in six months.
The ATO has a list of records to be inspected and will contact you for a suitable time to review your bookkeeping and record keeping procedures
Can your business survive a tax audit? Contact us for a review of your bookkeeping system
Disclaimer: We are bookkeepers skilled in establishing and assisting with bookkeeping systems, we are not registered Tax Agents and cannot give advice in relation to tax matters.
Struggling with your Business Activity Statement (BAS) lodgment?
You can email your MYOB / Quickbooks data file and we can do any adjustments and even lodge the BAS on your behalf
It’s time for the Business Activity Statements to be lodged! They are due in 26 days, and things get pretty hectic for bookkeepers in the weeks before the BAS are due for lodgment with the Australian Taxation Office (ATO)
We get enquiries from small - to medium sized businesses (SME’s) around Stirling, Westminster, Osborne Parkand Nollamara, as they suddenly realise that the paperwork is all too much, and they need help in getting the bookkeeping upto date on time.
Many bookkeepers will be fully booked in the weeks leading up to the Australian Taxation Office (ATO) deadline, and so last minute requests from clients can take some juggling of the calendar.
So when new clients contact us wanting urgent help, they need to get back to us with the same urgency to secure our services.
We rarely have to turn new clients away - as we have an excellent network of bookkeepers who we can call on to help out in times of need.
If you are needing a bookkeeper for the Business Activity Statement (BAS) lodgment that is due 28 October, then contact us right now so that we can schedule some time for you.
Remember, it’s never too late - and we may even be able to get an extension to the deadline on your behalf
Happy New Financial Quarter!
For some business owners the BAS is a pain in the neck
As we enter Q2 for 2008/09 the world of finance seems to be in turmoil, but guess what? The Australian Taxation Office still want you to lodge your Business Activity Statements.
Regardless of what’s happening (or not) in Wall Street or George Street, businesses around the Mitchell Freeway and Karrinyup Road still need to get their bookwork sorted out for the quarter ending September 30 2008, to have the BAS done by 28 October 2008.
Are you struggling with your bookkeeping?
For some business owners the BAS is a pain in the neck, so they brush it aside and put it in that special place, the “TOO DIFFICULT Pile”
Trouble is, that really doesn’t fix the bookwork, and without a bookkeeper, or someone who’s got a handle on the bookkeeping, those Nollamara or Gwelup business owners that are not addressing the problem may soon find that they get fan mail from the ATO.
Contact Us today, and we’ll help you get your bookkeeping sorted out
PS - We are not Registered Tax Agents, we are recognised BAS service providers by the ATO
Gone are the days when a “cash business” could hide earnings - thanks to Bill Gates and others in Silicon Valley, the ATO now has sophisticated data matching software.
They can compare similar businesses and create reports showing “average” turnover for a particluar business, and then cross-check against the tax return / BAS lodgment of that business.
It would be a huge job to be a bookkeeper for the Australian Taxation Office. During 2006/07 the Australian Government collected $135billion from individuals, and paid out $17billion in tax refunds
It’s no surprise that the ATO has so many more resources now than in days gone by for extracting every tax dollar from individuals and small businesses.
As bookkeepers, it seems most days we are working for the Australian Taxation Office, yet being contracted to small businesses in and around the City of Stirling, Western Australia.
During the period 2006/07 the ATO collected $40billion in GST, so of course the ATO is going to be doing everything within its means to ensure that every tax dollar is accurately reported.
Can A Business Hide Cash in Bookkeeping?
You may have a Car Wash business in Balcatta, or you may be an electrician in Westminister, doing cash jobs. The ATO can make a reasonable estimate of your tax liabilities and then come along and audit your books.
If the records appear to be disorganised, it will take the ATO longer to look through them. The longer they take, the more they will see, and the more questions they will ask.
If you can present them with an organised and tidy bookkeeping system, they are less likely to ask too many questions.
Whether you use MYOB or Quickbooks, or maybe you do not have any accounting software or even any bookkeeping system in place, then contact us NOW for an initial FREE consultation
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