Compliance and the Australian Taxation Office
Compliance and the Australian Taxation Office are generally dirty words to most people running a business in the Trade Industry. You work hard to build your business, you watch it grow, you want to be out there, hands on, doing what you do best; what you’ve trained to do. You want to make a good life for your family and your business is your way of making this happen. How can you do this when there seems to be so much regulation, so much paperwork, so much to beware of, so many costs to fear if you get it wrong!
Don’t sweat the small stuff. With Tradie Bookkeeping Specialists at your side, you will be able to get out there, do what you do best and build your business, knowing that our expertise is saving you time, money and angst.
The ATO quite regularly profile businesses, tax practitioners and others, categorising them into four rather broad groups according to the risk they pose to tax revenue. They call this their “risk-differentiation” framework. This basically means: how likely they are to not comply and the outcome of not complying. They measure compliance history, business performance, tax risk management and so on.
The Australian Taxation Department can conduct a tax or superannuation review or audit of your business if and red flags happen to pinpoint your business or industry. Sometimes you may receive a simple phone call or letter asking for more information or verification of any claims you might have made. Or they might send out a tax officer to visit you or ask you to bring all your records in for examination. Their audit processes can be determined by a business that makes similar claims or they may simply choose to target a specific industry.
No one likes to get involved with the ATO and yet none of us enjoy the tax process nor the feeling that we are constantly being held accountable, often over issues that we either don’t understand or don’t have sufficient knowledge of. In a nutshell, most people simply want to get on with the process of running their business and building their wealth for their family.
So don’t let compliance and audit issues burn away in the back of your mind. Don’t let these things sit like a black cloud over your head, shadowing your every business decision.
Call in the experts. Tradie Bookkeeping Services have a long, Trade orientated history and we know our stuff.
- Our knowledge is specific to the Trades and we are experts at streamlining and processing all your bookkeeping needs.
- With us at your side, your payroll will be correct and efficient.
- Your bookkeeping will flow smoothly.
- You will be able to run budgets and cash flow reports.
- We will make sure your business is 100% ATO compliant
- We will ensure that your reporting is correct and on time and remove the bookkeeping stress from your working life.
Within your bookkeeping structure aside from reporting and balancing, Tradie Bookkeeping Specialists can perform the following tasks and activities for you, in association with ATO compliance. Business Activity Statements, commonly known as BAS, setting up your Pay As You Go frequently referred to as PAYG. We will run and process your Taxable Payments Annual Report (TPAR) and enter your BAS payments or refunds. We will also liaise with your tax accountant as necessary or whenever you wish.
By using our skills and services you are guaranteed professional, proficient bookkeeping and expert instruction and advice. Tradie Bookkeeping Specialists: We balance your books whilst you balance your lifestyle!