Links to the ATO for guidance about common errors to avoid in your bookkeeping

 

accounting for GST

 

GST claimed in your Business activity statement 

 

If you don't know, ask!!! - unless you want to pay squillions in tax!


 

Develop a systematic way of keeping your records and documenting your affairs.

Whether it is a cash book or computerised accounting system, if it works for you - stick with it. It's as easy as that!


 

It's pure and simple - keep your receipts/paperwork.

Anything to do with deductions, what you can claim against your income tax and to do with your sources of income ie bank interest, dividends etc.

***Update for digital natives:  find a way to get the photos of receipts off your mobile device, to where you can keep those digital images for the legislated 5 years' period of retention.