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A Timely Reminder

Posted by   |   June 10th, 2014   |   Categories: Business Fundamentals

Got a call this week from a lady I’ve known a long time. She said she desperately needed help. I said okay what’s the problem. She said, are you sitting down. I became intrigued with that comment. She hesitated, I waited. Finally she in a whisper said; I have not lodged my tax return or BAS statement for eight years.

A few unspoken moments passed. I didn’t know what to say. Finally, I asked her why she had ignored doing her books for eight years. She didn’t know the reason.

I asked what is the reason for the call now. The ATO had contacted her a while back and she has a deadline of two weeks to lodge her annual returns and BAS. For months she had done nothing. She said she hadn’t begun because she was overwhelmed by the enormity of work and did not know how to start the process. She was looking to me to be her salvation.

I gave her a starting point, I gave a process, I gave her hope. But eight years in two weeks! It won’t be completed in time but at least she is on the way.

This is a timely reminder for anyone who is behind or struggling that the best course of action is to continually keep up to date with your books. If you’re very far behind it would be best to speak to your accountant as to a strategy to follow. If you’re not that far behind, bring the books up to date yourself or engage in a bookkeeper on your behalf.

The lady knows she has serious interest and penalty payments looming because of her tardiness. She is in panic mode, can’t sleep at night and constantly worried. She knew this day would eventually come.

If you are a long way behind and need information on how to bring your books up-to-date CONTACT US

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