Being audited will have to one of the worst things for a small business to encounter, so being equipped with the proper knowledge will allow for you to avoid such situation. Our bookkeepers for small businesses in Sydney will give you a range of ways in which you can avoid being audited.
Here are our small business bookkeeper’s tips on how to avoid audits:
• Keep your receipts
• Be sure to file your tax returns on time, even if you owe money just make sure you’re not late
• Be sure to attach all necessary documents and any additional comments
• Be sure to avoid round numbers, always be accurate with your calculations to avoid any red flags
• Don’t forget that you can use your home-office as a tax deduction for work
• Only document necessary and legitimate dining/recreational activities, make sure that it is well-balanced
• Always show your payroll reports
These are just some really simple ways that most business owners can avoid being audited. If you really get stuck, be sure to seek out some small business bookkeeping services in Sydney to ensure everything goes smoothly.
Feel free to contact our bookkeepers for small businesses in Sydney with any enquiries you have!