Home » Knowledge Centre » TOP TWENTY TIPS for Business to AVOID

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.

Share this post

Related Posts

21Apr

Director ID must for all Company Directors

What is Director ID A director identification number (director ID) is a unique identifier you will keep forever. It will... read more

26Apr

Don’t need your business name anymore?

If you're not using your business name anymore, you may want to consider cancelling it. You can cancel your business... read more

21Apr

25 CLAIMS Individual and Business should know

Claiming self-education expenses when there is no nexus to earning income. Claiming home office expenses where the house... read more

26Apr

Downsizing contributions into superannuation

If you have reached the eligible age, you may be able to contribute up to $300,000 from the proceeds... read more

21Apr

7 Things you should know to start a company

Is a company right for you? Choosing a company name How will your company operate? Understand your obligations... read more

26Apr

5 things you don’t know about 2021-2022 GST, BAS and TAX – May save on Tax and GST

Income from Service NSW are Tax Exempt and GST Free You do not have to pay tax on... read more

26Apr

GST on Car Purchase

If supplier is register for GST, yes you can claim GST on Expenses. Subject to confirmation of payment, including... read more

21Apr

TOP TWENTY TIPS for Business to AVOID

Is a company right for you? Choosing a company name How will your company operate? Understand your obligations as... read more

21Apr

Legal principles Contractors Versus Employee

The courts start from a position of determining whether a common law employment relationship exists, as opposed to a... read more

21Apr

Starting a business can be cheaper than you think during Covid-19 pandemic

Thousands of new businesses open every day. If all those people can do it, why not you? Here’s what... read more