A simple tax tool – it could save you a heap of grief and problems in the future.11.08.2023
So, there I was talking to Anne Park who is the key holder of Your Business Angels / Fresh Numbers tax licence, and we were talking about managing receipts.
Managing receipts. We all have a lot of them.
Recording them, filing them or whatever is a task that many clients tell us they don’t have time for.
We do our work from bank statements – we see a payment to BP – you purchased fuel, and we process it as such.
Lots and lots of little bits of paper.
What if you are asked for a receipt.
We have so few audits, but we have one running with a café now and the ATO want to see everything.
So, what to do?
We think the solution are plastic bags.
One for the car or vehicles you use, one in the office when you empty your wallet.
Put a label on the bags – year ending 2024 and throw all the receipts in there. Chances are you will never need then but if we did…
There they are.
You may want to go through them and file them, and that is great as you are reviewing what things cost you. You may want to take a photo of then and have a photo file, and this is great idea. But starting with throwing them into a plastic bag you keep is a great start.
You never know…..
Serviced by related company Fresh Number Pty Ltd