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Common Tax Mistakes You Should Avoid

WHAT ARE THE COMMON MISTAKES YOU SHOULD AVOID?

http://onodenje.com/?strydor=signiale-f%C3%BCr-bdswiss signiale für bdswiss To help you meet your när blir Viagra billigare tax obligations, we have identified common mistakes made by restaurant, cafe and other catering businesses.

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opzioni binarie orari migliori The table below shows how these mistakes can be avoided.


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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

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Failing to make and keep sales records at regular intervals if not using a cash register
Update the sales records regularly, for example, at the end of each shift of day

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Not conducting daily sales reconciliations
Reconcile “Z” total and cash in register, taking into account any cash taken for business or personal use

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Not updating the cash receipts books
Transfer daily sales total into cash receipts book regularly

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

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Claiming GST credits where the supplier is not registered for GST
Only claim GST credits when the invoice clearly states GST has been charged

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Misclassifying sales as GST-free
Use GST food guide (NAT 3338) to classify products correctly and ensure staff are adequately trained

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Failing to withhold tax from the payment to suppliers who do not have an Australian Business Number
If the total payment for goods or services is more than $75, excluding GST, withhold 46.5% of the payment and pay it to the Australian Taxation Office

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Not updating the wage book regularly with ALL hours worked by each staff member
Ensure wage books record details such as: Name of the employees, Hours worked, Pay rate, Gross payment, Net payment, Amount withheld, and Superannuation contribution paid

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