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10 useful tools for bookkeepers

Just like any good trades person, a bookkeeper will collect and use certain “tools” during his career that generally make his work easier. I have certainly collected a few tools along the way during my 16 years as a bookkeeper, about 20 to be exact! Today I’m going to share 10 of these tools with you and then next week I’ll share the remaining 10 tools in part 2 of this blog.

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Didn’t lodge your BAS on time? Here come the late lodgement fines…..maybe

So the BAS lodgement date came and went and you didn’t get around to lodging your BAS – what happens now? The Australian Tax Office (ATO) doesn’t look favorably on this behaviour. If they see fit, you may just find yourself having to pay late lodgement penalties. What are these penalties and how much will you have to pay if charged?

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How to lodge your taxable payments annual report online

If you are in the building and construction industry, you are now required to lodge a taxable payments annual report (TPAR) by the 28th of August each year. The TPAR tells the ATO about payments you have made to contractors during the year in your business. Lodging via hard copy and snail mail can be a nuisance particularly if there are many contractors to report about. Information about lodging your TPAR online can be found on this ATO webpage.

Even though the above ATO webpage explains how to lodge the TPAR via the business portal, the instructions still apply to BAS Agents using the BAS Portal to lodge on behalf of clients as the lodging process is the same. In fact, the instructions apply to lodgement of any file via the portals so this video is pretty handy.

For more information about the Taxable Payments, Annual Report read our in-depth blog here.

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