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Documentation and compliance critical for SMEs

Documentation and compliance critical for SMEs

It pays for small business to be tax compliant, say CPAs.

Record keeping and compliance includes having appropriate commercial contracts and review systems for all appointments, outsourcing arrangements and transactions.

A report recently released by CPA Australia says there is a direct link between poor record-keeping and the likelihood of an adversely amended tax assessment where a small business has been subjected to a tax audit. CPA Australia's Small Business Policy Adviser, Judy Hartcher, said that the report, Record-Keeping: Its Effect on Tax Compliance, proves that it pays for small business (SMEs) to have a good system in place, not only in the event of a tax audit, but also from a strong business management perspective.

Ms Hartcher said it was crucial for small business to have a correct system in place to avoid future tax compliance problems. Correct record management could potentially save business thousands of dollars in the event of a tax audit, when hefty fines can be imposed on those who have made mistakes in their tax reporting, whether intentional or not, she said.

The research, conducted for CPA Australia by the University of New South Wales' Australian Taxation Studies Program (Atax), explores the relationship between the record-keeping practices of small businesses and their potential exposure to tax and related business compliance problems. It used a mixture of qualitative and quantitative methodologies and involved tax practitioners, small business owners and managers, and ATO auditors.

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