The ATO have been reviewing records kept by businesses in the above industries for the past two years and have come across some common mistakes that can be a hindrance on businesses precious time (when it comes to rectifying the mistakes we mean!).

With the aim of eliminating wasted time for all, the ATO have publicly published these mistakes.

Plastering Industry
These mistakes include:

• claiming deductions and input tax credits for personal items that are not related to business activities
• incomplete and missing tax invoices
• regular reconciliations not being completed
• treating employees as sub-contactors
• failing to pay superannuation for contractors paid under a labour contract; even if the contractor quotes an ABN

Coffee Shop industry
These mistakes include:

• not recording all sales through the cash register
• wages and business expenses not being recorded and paid for in cash
• using unreported cash sales to fund personal expenses
• regular reconciliations not being completed
• compulsory superannuation guarantee payments not made on behalf of employees

Another common issue in these industries is the lodgement of LATE activity statements and income tax returns… this couldn’t possibly be any of our clients could it!?

If you need help in planning your annual taxation strategy, or business plan, the Highview team can help – you just need to ask!

To keep up to date with the latest information and advice for your business from the ATO, you can visit their new dedicated website: ato.gov.au/café OR ato.gov.au/plastering

Otherwise you can contact Highview with any further queries – we are always here to make it all ‘make sense!’.