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TOP TWENTY TIPS for Business to AVOID

21Apr

TOP TWENTY TIPS for Business to AVOID

By Knowledge Centre 0 Comments
  1. Incomplete and missing tax invoices.
  2. Regular reconciliations not being completed.
  3. Treating employees as subcontractors.
  4. Not recording all sales through the cash register.
  5. Using unreported cash sales to fund personal expenses.
  6. Compulsory superannuation guarantee payments not made on behalf of employees.
  7. Directors fees paid without making PAYG deductions.
  8. Employees not reimbursing employers for private use of cars or employers paying FBT (if no reimbursement).
  9. Not paying GST on vehicles or items of plant sold by a business.
  10. Quarterly BAS not reconciling with accounting records.
  11. Not making adequate payments on director debit loans for companies (Div 7A).
  12. Not disclosing interest earned or dividends received.
  13. Failing to disclose shares or other assets subject to CGT.
  14. Failing to add-back capital works deductions on sale of an asset for CGT purposes.
  15. Failing to keep stock records and valuing stock at cost.
  16. Inadequate record maintained to substantiate the cost base of assets.
  17. Lodging BAS on a cash basis rather than accruals for businesses with a turnover of over $2m.
  18. Failing to register for GST when your business income has reached $75,000 per annum.
  19. Failing to show as income General Interest Charge that has been remitted by the ATO.
  20. Trying to claim general clothes and footwear as protective or safety gear.

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