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6 Tax Mistakes to avoid!


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As a bookkeeper, I come across a number of costly mistakes that small businesses make on a repeated basis. I am only going to share six of them with you in this article.

My goal is to make you aware of what these are to save you money, an audit and sleep more soundly at night. Please let me know if you can add some more, as I know that there are alot I could have included!

What are the six mentioned above?

1. Poor Record Keeping
2. Pay for an Accountant you do not need
3. Fail to use the convenience of cloud accounting software
4. Claim GST on all expenses
5. Fail to claim all your expenses
6. Forget to pay on time

What other mistakes can YOU think of?

Read the entire article at

Published in: Business
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6 Tax Mistakes to avoid!

  1. 1. 6 Tax Mistakes to avoid! <br>By Amanda Hoffmann  <br>
  2. 2. 1. Poor Record Keeping<br>
  3. 3. Keep good records by: <br>• Have a filing System <br>• DO NOT mix business with personal <br>• Save your receipts and invoices  <br>• Use online tools like dropbox <br>
  4. 4. 2. Pay for an Accountant you do not need!<br>
  5. 5. Only pay for what you need! <br>• Can the ATO assist you for FREE? <br>• If you earnt under $20k use e-tax <br>• Pick up the phone &amp; ask for a quote first! <br>• Ask a bookkeeper or accountant who they use<br>
  6. 6. 3. Fail to use cloud accounting<br>
  7. 7. What you should do <br>• Ditch the 10 year old desktop programme <br>• Use Xero, Quickbooks or Myob Essentials <br>• Authorise bank feeds  <br>• Pay a certified bookkeeper to set it up <br>• Pay for training so you can do it yourself!<br>
  8. 8. 4. Claim GST on all expenses<br>
  9. 9. What is not GST : <br>• Bank fees and Interest are GST free <br>• Car registrations &amp; stamp duties are GST free <br>• Paypal, Etsy, Ebay unless Australian are GST free <br>• Directors fees are GST free <br>• Google adwords, Facebook Ads are gst free<br>
  10. 10. 5. Fail to claim all business expenses<br>
  11. 11. What to do... <br>• Keep a diary of all business events / meetings <br>• Photograph fuel, parking and other loose receipts <br>• Ensure you file all business receipts in one spot <br>• Use your phone and apps to save expenses<br>
  12. 12. 6. Forget to pay on time!<br>
  13. 13. Avoid late fees &amp; fines <br>• Forward date your online payments  <br>• Keep a electronic or paper diary <br>• Create a reminder on your phone when bills are due <br>• Organise a filing system that you refer to at the start of each day <br>• Find what works for you and do it every time!<br>
  14. 14. Love what you read? <br>• Read the entire article at <br>• <br>• Follow me on Twitter <br>• Pin with me at <br>• Like me at Facebook<br>