Monday, 29 September 2014
Accountants in Parramatta Help Make GST Compliance so Much Easier
In the end, the AAT still gave the carpenter a 50 percent administrative penalty based on the aforementioned shortfall amount. This case clearly demonstrates the value of hiring experienced Parramatta accountants from a firm like Advanced Accounts instead of relying upon one’s “knowledge” of the ATO’s tax rules. After all, businesses can’t just claim GST credits on any product indiscriminately as the rule does not apply to input-taxed items like bank fees and certain goods like basic food items. Some small businesses also make the mistake of claiming GST credits even if they could not present a valid tax invoice.