Common Tax 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


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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