BAS Straight Bookkeeping Services

04/08/2021

The ATO requires you to keep all records that could be relevant to your tax and superannuation. But what does a compliant record need to contain?

At a minimum, each record should contain:
- The date, amount, and type of transaction (for example wages, rental etc;).
- The relevant GST information
- The purpose of the transaction.
- What your relationship is to the other party in the transaction.

It’s crucial that all your compliant records are stored and backed up properly, as when the ATO asks for them, you have to be able to produce them! To find out more, read our below article on compliant record keeping.

https://www.basstraightbookkeeping.com/post/ensuring-your-small-business-has-compliant-records-for-an-ato-audit

28/07/2021

If your small business gets audited by the Australian Tax Office (ATO) the burden of proof is on you to demonstrate that your original submission was correct. To do this, you will need to have kept tax records that are compliant with ATO standards and would stand up in a court of law.

Regardless of the likelihood of your business being audited, you should always keep records that are ATO compliant because it’s best practice, a legal requirement and will save you a huge amount of time and stress in the event you are audited one day.

If you’d like advice and support with record-keeping for your small business, simply contact us at [email protected] to find out how we can help.

This article is the third in a three-part series about ATO audits. We recommend you go back and first read part one and part two. As we discussed in our previous article, when your small business gets audited by the Australian Tax Office (ATO) the burden of proof is on you to demonstrate that your o...

21/07/2021

If your small business is audited by the ATO, there is quite a detailed process that is followed (and you can read all about it in our article!).

One of the key milestones that will happen as the audit nears completion is that the ATO will issue you with a position paper. A position paper explains their findings, how the law applies and their proposed course of action. If they disagree with your records, they’ll explain why and you’ll have the chance to respond and request an independent review before they finalise the audit.

If you want to learn more, send us a message and we’d be more than happy to answer any questions you have.

https://www.basstraightbookkeeping.com/post/what-to-expect-if-the-ato-audits-your-small-business

15/07/2021

Do you know what it means when the ATO audits a business? Just because a business is being audited it doesn’t mean they’ve actually broken any tax laws, it just means that something isn’t adding up for the ATO.

In its most basic form, an audit is simply a review of a financial situation. The ATO’s audit programs range from “relatively quick examinations of source documents to more intensive analysis of complex arrangements and transactions.”

To find out more about what to expect if your small business is audited by the ATO, check out our article on the topic.

https://www.basstraightbookkeeping.com/post/what-to-expect-if-the-ato-audits-your-small-business?fbclid=IwAR1vfQwYIZ0kFKsCfINxrTsyCiAjAqDt2liYqbheIEW57VcHUC24ydeyW3k

07/07/2021

“Your life is limited. Don’t waste it living someone else’s life”

– Steve Jobs

30/06/2021

here are six main reasons why your small business might be audited by the ATO. They are:
- Your deductions are higher than expected.
- Your performance is not comparable to similar businesses.
- A lack of transparency in your tax affairs.
- Your lifestyle is not consistent with your business income.
- Evidence you’ve accessed business assets for private use.
- Poor governance.

If any of these reasons are cause for concern, send us a message and we’ll be happy to talk you through them. Or you can check out our latest blog on the topic.

https://www.basstraightbookkeeping.com/post/common-reasons-why-the-ato-might-audit-your-small-business

24/06/2021

Happy World Wellbeing Week 2021!

Although Mak and I try to focus on the balance of work and fun every day, it is even more important at this time of year for us as EOFY deadlines are looming. No better place to relax and clear the cobwebs than this!

16/06/2021

One of the biggest stresses for small business owners is the idea of being audited by the Australian Tax Office (ATO).

While being audited doesn’t necessarily mean you have done anything wrong in regards to your business conduct, going through an audit tends to be a drain on internal resources and can end up costing you money in advice and extra support from your bookkeeper. So, for these reasons, it’s best if you can prevent it happening in the first place.

To find out what might trigger an ATO audit of your small business, check out our latest blog.

This article is the first in a three-part series about ATO audits. One of the biggest stresses for small business owners is the idea of being audited by the Australian Tax Office (ATO). While being audited doesn’t necessarily mean you have done anything wrong in regards to your business conduct, g...

26/05/2021

With Winter approaching, we can tend to reduce our outdoor exercise time away from the desk, but it is still so important.

Cold weather brings it’s own beauty and freshness, so rug up and embrace that fresh air!

14/05/2021

How confident are you with forecasting when it comes to creating a budget? Although you may have an annual budget, monthly forecasting reveals how your business is currently travelling, and whether you are meeting your budgeted amounts in your financial statements. Forecasting can assist you in fixing problem areas within your business and reveal where you should be allocating more of your budget to improve performance.

Don’t forget to listen to your bookkeeper! You should utilise our expertise and skills to identify issues within your budgeted vs. actual results and seek advice as to what changes you can implement.

Want to learn more? Get in touch with us today by emailing [email protected] – we’d love to help!

https://www.basstraightbookkeeping.com/post/5-steps-for-managing-your-annual-budget

07/05/2021

“If you cannot do great things, do small things in a great way.”

– Napoleon Hill

30/04/2021

Thinking about creating an annual budget?

One of the first things you’ll want to do is figure which costs are fixed and which are variable. Your fixed costs, such as salaries and rent, are costs which you will already know before you create your budget, meaning you can more easily determine what you have left for your variable costs. Although it can be hard to predict your variable costs accurately, budget for the highest amount you expect to spend in the coming year. That way, nothing will surprise you!

To find out more, check out our latest blog!

Managing a budget for your business doesn’t always feel like the simplest task. There are often an overwhelming number of factors that alter the way you budget your costs, both daily and in the long-term. That’s why we’ve created this guide outlining a simple step-by-step process that you can ...