When it comes to accounting and bookkeeping, it is very easy to make mistakes, especially if you aren’t very experienced. Unfortunately, even small mistakes can have big consequences when it comes to tax time, and the Australian Tax Office (ATO) won’t hesitate in penalising you.
It is therefore very important to make sure that you do everything in your power to follow the Australian tax rules, even if they seem complicated. There are a lot of different ways that you can do this. Four of the simplest things that you can do to make sure you are keeping up with your tax obligations include:
- Use an accountant!
If you are a new business owner or you don’t really understand what is required of you when it comes to keeping records for tax time, then you should consider at least speaking to an accountant. A decent accountant will know the Australian taxation system back to front, and they should be able to make sure that you don’t make any mistakes. If you are somewhat short on money and don’t think that you can afford to employ an accountant regularly, then at least speak to one once or twice to give you an idea of what you need to do.