The ATO have caught over 250,000 tradies for not paying their income tax and GST, totalling $2.3 billion in tax liabilities.
The ATO is harshly scrutinising contractors. You cant afford to make a mistake so ensure you do the right thing.
Get your book keeping up to date.
We understand that small contractors do not have enough record keeping to hire a book keeper but also don’t have the time to complete it regularly themselves. Also they are keeping their costs down so do not want to purchase an accounting package (most online systems are around $60-$80 pm.)
So we offer this service to our contractor clients. Simply submit your invoices and documents each quarter for us to data entry directly into our system when you engage us to prepare your bas. You won’t have to purchase an accounting package, your recordkeeping will be up to date each quarter, your bas lodged on time and all for one very low cost ($176 per BAS plus $66 per hour for the book keeping – for most sole traders that take up this package they only require one hour book keeping meaning a total of $242 per quarter).
For sole traders who require more book keeping than the above, a cloud solution using bank feeds can save you time on data entry (providing the system has been set up correctly from the beginning). We can assist with setting you up on a cloud based solution and provide you with training. We also have a number of book keepers that we can refer you to for setup and training. Likewise if you require more assistance with book keeping then we strongly recommend you engage a qualified and registered book keeper. Most charge a minimum of $66 per hour. Be very wary of engaging a book keeper who is not properly licenced with the Tax Agents Board as without a licence they are not regulated. It is illegal for a unregistered bookkeeper to prepare your bas and charge you a fee. Likewise only registered tax agents can provide you with tax advice, so your book keeper should not be providing advice without a tax licence on matters to do with tax. (note that licenced BAS agents are able to advise on matters such as GST and PAYG Withholding etc.