#cloudtip: Forgetting to include all cash sales and purchases
Forgetting to include cash sales and purchases.
You can get into a lot of trouble if you discount the GST when receiving payments by cash. The ATO has a sophisticated process of cross-matching data, especially in the building and construction industry where business owners are obliged to submit a Taxable Payments Report annually, so make sure you declare all cash payments. On the flip side, make sure you discuss all genuine tax deductions and GST credits with your bookkeeper or accountant.
To find out more about Xero and how it can help your business, contact Bottrell Business Consultants on (02) 4933 6888 or firstname.lastname@example.org.