Hi there, it’s Sam Buckley from Wealth Safe and I’d like to welcome you to this week’s edition of Wealth Chat. Today, I want to talk to you about bookkeeping and why it’s really important to have a good bookkeeper in your team.

Having a bookkeeper – it’s a must!

Now, we all hate paperwork and compliance, it sucks and with all the rules and regulations today, it can take a day to a week just to deal with it all and it’s a real nightmare and headache for most business owners.

The thing I know you would rather be doing is making more money with your business. You started a business because you love what you do and you want to help people. And if you are busy with paperwork, you don’t have the mind or the headspace free to be dealing with the things you really want to do, and that’s working out new ways to help your customers and therefore help yourself.

Having a bookkeeper – it really is a must! They can help you do the paperwork, they can deal with that on a regular basis, and they can also make sure your compliance is all sorted out. And if it ever comes the time to have tax ordered, you are covered and you don’t have to stress over that.

Make sure that your BAS is lodged on time

Probably one of the more important things, thought is to make sure that your BAS is done properly and lodged on time. Now, in june of 2012, a law came into play, that says this: “If you don’t lodge your BAS within three months of the due date, you can lose the protection against the tax office, if you run your business through a company or trust.

You may wonder: What that means, and what benefit is that to me? What that actually means is if you got a tax debt, and you are really struggling to pay for it, for instance, say you got 80 grand in tax debt, you can actually wipe that out, close your business down and the tax debt just dies with the business, which is awesome. That’s 100% legal, by the way, so if you are in that situation, feel free to talk to us about it and see if we can solve things out for you.

If you don’t, unfortunately, lodge your BAS within that 3-month period, they can chase you for that debt, personally. So if you have a company or trust and you run your business through it, make sure you lodge your BAS on time, within three months of the due date. Get a good bookkeeper on board, and help them look after your compliance for you.

That is it for me today, I am Sam Buckley from Wealth Safe, and this was the latest edition of Wealth Chat.