Our team know how to get you out of trouble with the ATO and keep your business off their radar.
As a small business, we understand the stress of complying with our taxation obligations. We also understand how easy it can be to bury our head in the sand. In recent months we have taken on several “rescue” clients who were being audited by the ATO for failing to comply with their financial obligations.
Perhaps you have claimed incorrectly, failed to meet due dates for your BAS or IAS or are lagging behind with employee superannuation contributions. Before you know it, your business has been flagged and the ATO has commenced the auditing process.
Flexible Bookkeeping Solutions can help. Our team of experts understand the legalities and specialise in reporting. We have the capability to go back several years, generate your reports and lodgements and get the books for your business up to date and complying with the ATO’s requirements. We can also liaise with the ATO on your behalf to come up with a solution and payment plan that satisfies both parties and gets you and your business off the radar of the ATO!!
We have compiled our top tips for healthy business practices and staying clear of Tax Auditing:
1. DON’T BE LATE
As Business Owners, we are required to meet deadlines for lodgements and payments. Failure to meet due dates will put your business on the radar of the ATO. See below dates and add these to your calendar. Your business will thank you for it.
BAS - Lodging and paying your BAS on time helps your business run smoothly. This occurs on a quarterly basis (unless you have opted to do this monthly). BAS for the previous quarter needs to be lodged and paid by the 28th of the following month
For Example: BAS for July, August & September is due by the 28th October
Superannuation - You pay super for eligible employees calculated from the day they start with you. You must make the payments at least four times a year, by the quarterly due dates. Failure to make a superannuation contribution by the due date will mean that you are no longer able to claim superannuation as a deduction. You will also be charged interest as well as admin fees. It only takes one disgruntled employee to notify the ATO. Superannuation for the previous quarter needs to be lodged and paid by the 28th of the following month
For Example: Super for July, August & September is due by the 28th October
2. DO A HEALTH CHECK OF YOUR FILING AND RECORDS
Good record keeping is good business. You should see the files we create for our clients. We are always prepared and have all the information we need at our fingertips. We recommend implementing a good filing system so that when it comes time to lodge or make a contribution, there are no headaches that could ultimately make you procrastinate and run late with due dates.
Employees – Get every new and existing employee to fill out a staff details template. This will need to include their full name, date of birth, address, tax file number (TFN) or ABN (if they are contract staff) and their superannuation membership details. Having these details readily available will make superannuation time that much easier.
3. ENLIST THE HELP OF A BOOKKEEPER
For the sake of a small monthly invoice, you could potentially save yourself thousands. Rectifying months and sometimes years of bad bookkeeping management can result in a large bill from your accountant. Flexible Bookkeeping Solutions manage your books, get your accounts ready for quarterly lodgements and ensure you are on time and out of trouble.
4. CODE WITH INTEGRITY
Hands up who loves tax return time! SO DO WE, but for some businesses, incorrectly claiming can put your business in the firing line of the ATO.
If you are unsure of what you can and cannot claim for your business, contact the team at Flexible Bookkeeping Solutions and we can provide advice on how you can get the most back from your purchases while complying with the regulations of taxation department.
5. PREPARATION, PREAPARATION, PREPARATION
Contributions and BAS payments are unavoidable. The best possible advice we can provide is to be prepared so that you are not out of pocket when it is time to make that payment.
Open a savings account connected to your business that you can transfer funds to. If you do this, you will not be scratching around come the 28th.
- Put aside a percentage of your weekly income
- Calculate the total of your weekly PAYG and Super Entitlements from your payroll summary and set this amount aside.
Angelique offers professional service with peace of mind. As a qualified and registered BAS agent, Angelique provides quality services combined with honesty and integrity, confidence, competence and lawful independence.
Some of what our customer's are saying
Three years ago, I was a struggling new small business owner trying to keep up with being in the business and working on the business, something had to give. I remembered Angelique from her first visit during opening month at which time I had many bookkeepers contact me and I said the same to all- "I’m going to do my own bookkeeping work for the first 6 months to get an understanding at which time I will evaluate where my time is best spent."Angelique was the only bookkeeper to contact me exactly at the 6 month period and you don’t have to guess I had made the decision after my first BAS I needed help. From there, Angelique has saved my business life. I liked the professionalism displayed from day one and her ‘can do attitude’, nothing is ever a problem and no question she can’t answer.