Numeric Eight Blog

Stuffed in a shoebox or super organised – how are your accounts?

Friday, September 07, 2018

Stuffed in a shoebox or super organised – how are your accounts?

For most business owners, doing their accounts is sheer drudgery. It also takes them away from what’s important – growing their business and spending time with the ones they love.

Poor bookkeeping can also cost you money. If you struggle to keep track of your invoices and receipts, you could be paying more GST than you need to and who wants to do that?

If you believe the ATO has incorrectly assessed your GST obligations you can dispute their decision. But, before you do anything, you need to be sure you have all your paperwork in order.

The onus is on you to prove your case.

It’s not enough to object to an assessment. You need to prove you are right by providing evidence that the assessment was excessive. The evidence you’ll need includes:

  • Receipts 
  • Invoices 
  • Bank statements 
  • Reconciliations 
  • Balance sheets 
  • Profit & loss statements etc.
So accurate record keeping and well organised business documentation are vital.

Numeric Eight is here to help
When you are a client of Numeric Eight, all of your transactions and accounts are thoroughly documented. So if you have grounds to object to an ATO decision on your GST obligations, we’ll let you know. Then we’ll help you provide the evidence you’ll need to support your objection.

If you are ready for systemised, organised accounts call the team at Numeric Eight on 02 9437 1785.


Sydney bookkeeping services with a difference!

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