6 Tax Mistakes to avoid!
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Transcript of 6 Tax Mistakes to avoid!
- 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!
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