BAS statement mayhem can cost you dearly
If you have ever wondered why your accountant charges so much to lodge your tax returns or BAS statements then here’s one big clue.
Your accountant needs accurate figures to complete your assessment- Simply handing a shoebox full of paperwork is a sure way of ending up with a large bill!
Just as your time has a value, so does your accountant- the more untidy and disorganised your paperwork, the more time that will need to be spent in sorting out the mess.
Having a good system in place may seem a hassle at the beginning, but over time you will see a significant saving in accounting fees.
Furthermore, a few months ago the ATO was provided with an additional $400 million to audit tax payers. These days, it’s not a question of IF but WHEN you will be audited.
If you are not keeping receipts and accurate records then it may cost you money.
The message here is to ensure you keep records and to do so in an orderly fashion.
This is going to save you time and money in the long run.
A message from Coral Horizon Group, Financial Planners. You can visit their website at: http://coralhorizon.com.au/
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