The Tax Office has released a fact sheet that explains in detail how plasterers should record their income, including:
- The use of pre-numbered invoice books;
- The use of pre-numbered quote books;
- Why a record of every sale and purchase should be made; and
- How to complete summary records which will enable some individual records to be discarded.
- The fact sheet contains a table of poor and best practices and emphasises that the Tax Office will consider various sources of information to audit a business, including:
- Whether a taxpayer’s personal lifestyle can be explained by family wages and drawings;
- Information on loan applications, such as mortgages, to determine if they are consistent with lodged tax returns; and
- Information from banks to determine if all deposits into a bank account can be explained.
To access the Tax Office’s fact sheet for businesses in the plastering industry, click here.
Remember, failing to keep sufficient records of your business transactions may result in severe fines and penalties.