Critical Reasons to Stay On Top Of Your Bookkeeping
By the 14th of each month (no longer the 7th), you’ll need to report your JobKeeper-related GST turnover, as well as making sure your payroll information is correct as you’ll be reporting that to the ATO.
When it's BAS time, either monthly or quarterly depending on the lodgement cycle, your accountant will start nagging you a couple of days after the month. There's some people who have already done it by the first or second of the month and there’s some who don't get it done by the due date of the BAS.
Getting your Tax done annually
The worst thing when you do your bookkeeping is rushing it to meet deadlines. Because often, you get things wrong especially if you do it yourself. Do what you do well and outsource this sort of stuff. I've finally done that myself, even though I can do bookkeeping, but it's so nice not having to worry about it and getting someone else to do it on a regular schedule.
There's reasons why people are going to chase these numbers so it’s super important to have this done correctly and on time.
If you need help with JobKeeper or need to speak to an Accountant, book a strategy call with one of our accountants: https://inspire.business/chat