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If you are afraid of incurring additional expenses, you will surely allow bookkeeping to take a backseat and carry every responsibility for your business just to save money. However, skimping on bookkeeping, would mean that your business is not immune to mistakes and it can certainly affect your business during tax time. There are many mistakes that small business owners often commit but these three are the most common.
Some business owners make a payment when they file their tax returns but this is a common mistake many businesses commit. Owners are supposed to make quarterly estimated tax payments and should be mindful of the due date. When payments are not made in a timely manner, you can trigger an audit from the ATO and this will result in paying tax penalties and interest charges once you file your tax return.
Determining whether an individual should be considered a contractor or an employee is not as complicated as some small business owners may think. You will need to take a few points into consideration because misidentifying a person can lead to interest for non-payment and penalties in terms of employment taxes.
Although you might be tempted to make a mental note of every transaction for the belief that you can retrieve information instantaneously, this habit can do more harm than good. There are instances when businesses mix personal with business expenses and this can really spell trouble. When you rely on bookkeeping in a shoebox, it can have a serious effect on your business as there is no way to find out whether the numbers on your report are accurate. The numbers can either be lower or higher than the expenses you have incurred.
These mistakes can still be corrected by ensuring that you keep tabs on entertaining and travel expenses. So long as business was discussed, you can deduct the cost but you need to write notes on the receipt and indicate the people you were meeting with and the business that was discussed. When it comes to filing, you can also ask for an extension if you need more time. However, extra time to file will also mean extra time to pay. You need to set your expectations because you will surely owe money and you need to estimate the money you owe for the extension. It is quite challenging to keep track of your business but you cannot afford to make these mistakes as they can impact your taxes.
The ATO are continuing to work on shutting down a large number of scam operations pretending to be the Tax Office. Be it emails, phone calls, faxes or SMS that are stealing your bank details.
The ATO website gives numerous examples of recent cases here.
What to Do
If in doubt then:
Threats from the operator etc about delaying will cause you to be shut down or penalties, are not ATO policy or behaviour and should highlight that you are dealing with a scam.
If in doubt do not provide them with any information. Ring the ATO back.
Follow the link below for more details.
Here at Monitor Bookkeeping Services we understand the time you spend on your books could be better spent building your business. Therefore, we’re pleased to announce our adoption of Receipt Bank.
Receipt Bank automatically extracts the key data from your bills, invoices and receipts then publishes this information directly into XERO. (along with the attached source document) This saves you the hassle of data entry, reducing paperwork in the office and providing huge cost and time savings.
Receipt Bank is Xero’s most popular add-on globally. The award winning service was named Xero’s “Add-on Partner of the Year” in both Australia and the UK. A suitable solution for all of our clients regardless of your industry or sector!
No more storing paper receipts and invoices!
The bank feed supplies your accounting software with real time information on your money in / out. Receipt Bank adds the transactions that are due for payment as well as the supporting documentation of your transactions. This ensures your books are richer than ever before!
How to submit your receipts and invoices
You can send your bills, invoices and receipts to Receipt Bank in a number of ways. For example the iPhone and Android apps allow you to take photos on the go – perfect for those taxi or coffee receipts! You can also use email-in, direct upload, Dropbox and Paypal.
Receipt and invoice processing
Receipt Bank automatically extracts the key data from your expenses and securely stores the scanned copies in your online account. As a result, your business has its records saved in an easily retrievable way.
Monitor Bookkeeping and Receipt Bank
Monitor Bookkeeping Services will have access to your Receipt Bank account enabling us to manage your expenses from there. The partnership with Receipt Bank is an example of how Monitor Bookkeeping Services is continually taking advantage of new technology to help our clients improve their businesses!
If you would like to discuss Receipt Bank further – please contact us on 0447370301 or send us an email here