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July Newsletter

July News. Information And Check Lists


Welcome to the next News Letter and information.

This month we talk about;

The most common errors in Taxation Returns.

Bookkeeping and Record Keeping in light of Australian Taxation Office obligations.

Here we have some very important information for Clients with Rental Properties                                                                         Click here to down load

We also update our tax return check lists.      Click on the appropriate link to download and use these handy checklists to give our office the information we need to prepare your Tax Return.

 

We continue the link to our News Letter JUNE 2008 NEWS LETTER Click Here

George Psiakis & John Clarke

 


THE MOST COMMON ERRORS IN TAX RETURNS

  • Omitting Interest Income
  • Incorrect or Omitted Dividends / Imputation Credits
  • Capital Gains / Losses are Incorrect or Omitted
  • Understating Income
  • Home Office Expenses
  • Depreciation on Rental Property Fixtures and Fittings
  • Deprication on Income Producing Buildings
  • Borrowing Costs Associated with Negative Gearing

Bookkeeping and Record Keeping Click Here for a Printable Version

The Australian Taxation Office is currently investigating the Retail Industry in regard to the methods used to record and report their business transactions.  This interest in the "Bookkeeping" function extends over all entities whether Sole Trader, Company, Partnership or Trust and all Industries. 

Some examples of what the Tax Office has identified as "Common Mistakes" are: -

The wrong way...                    The right way...

1.  Leaving the cash register open and not Recording every transaction                   

  • Close the cash register after each transaction and
  • record each transaction through the cash register.

2.  Failing to make and keep sales records at Regular intervals if not using a cash register              

  • Update sales records regularly, for example, at the
  • end of each shift or day.

3.  Not conducting daily sales reconciliation's            

  • Reconcile ‘Z' total and cash in register, taking into
  • account any cash taken for business or
  • personal use.

4.  Not updating the cash receipts book                        

  • Transfer daily sales total into the cash receipts
  • book regularly.

5.        Paying wages and invoices from the cash register            

  • All cash taken from the register to pay wages and
  • invoices must be recorded as takings in the cash
  • receipts book.

6.  Claiming GST credits where the supplier is not registered for GST          

  • Only claim the GST credits where the invoice
  • clearly states GST has been charged.

 7.  Failing to withhold tax from the payment to Suppliers who do not have an Australian Business number        

  • If the total payment for the goods or services is
  • more than $75, excluding and GST, withhold 46.5%           
  • of the payment and pay it to the Tax Office.

 8.  Not updating the wage book regularly with all hours worked by each staff member       

      Ensure wage books record details such as:

  • Name of employees
  • Hours worked    
  • Pay rate
  • Gross payment
  • Net payment
  • Amount withheld, and
  • Superannuation contribution

________________________________________________________________________

 

If you are having difficulties with the transaction recording and accounting or accounting package side of your business, please contact either John or George for a discussion on what can be done to assist you meet your recording, reporting, and accounting obligations.

 



31st-July-2008