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GST STOP PRESS |
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SMALL BUSINESS GST AUDIT SURVIVAL KIT This is not an accounting system. It does not compile a BAS. The KIT is a computer program comprising a series of questions with a simple YES/NO response. Your client only answers relevant questions. That is, even though there are over 600 combinations the only 'visible' questions etc are those which are relevant. For example, if your client does not deal in GST free supplies, this chapter will be completely skipped. Where your client's response is not in accordance with the GST law or is inconsistent compared to other responses made, the KIT will advise "You have acted incorrectly". A Report will be generated highlighting the question to which an unfavourable response has been generated, plus any comments which your client may have been requested to insert. The Report can than be examined in more detail by yourself by having in the KIT a specific reference for the Report to be forwarded to your accounting firm. It is imperative you do not compile the KIT for your client, they must do so themselves otherwise you will not benefit from their insight (or lack of it) into how they understand the GST and their business. Note, each KIT has been programmed so it cannot be used on multiple occasions. WHY When GST was introduced one of the main priorities of accountants was to ensure their clients had an appropriate system in place to deal with the GST. Unfortunately no matter how adequate any system is, it is only as good as the person who is actually inputting information into the system. For example, if a taxable supply is incorrectly treated as GST free it will be processed as GST free. GARBAGE IN EQUALS GARBAGE OUT Despite this, if it is subsequently discovered GST has been incorrectly handled who is likely to get the blame? The Accountant! It gets worse! For those of you who have been adventurous enough to compile Business Activity Statements (BAS) for your clients, and indeed, for those clients who compiled their own BAS, we are sitting on a time bomb! When any of these businesses are subject to an ATO GST Audit any underpayment of GST arising, the business will invariably attempt to blame their Accountant. VALUE ADDED OPPORTUNITY Why not have your client undertake their own due diligence GST check independently from yourself and have your client provide you with a Report which highlights any inconsistencies and discrepancies. TIMING IS EVERYTHING With the first year of GST now concluded, plus the commencement of ATO GST Audits, now is the ideal time to introduce this facility to your clients. COST While there has been an enormous amount of time etc gone in to developing this product, the concept is to keep its recommended retail price (including GST) to your client at a reasonable level so, not only is it affordable but, will sell in sufficient numbers. Therefore the recommended retail price, that is, the price to your clients is $49.50 including GST. The price to Accounting firms varies depending on quantity ordered and is available on application. ABOUT THE AUTHOR Max Warlow of SW&A (ABN 63 463 613 468) is both a CPA and CA. He is the joint author of "GST Guide" and was one of CPA Australia's leading speakers on the GST, conducting over 300 GST Seminars speaking to literally 000's of Small Businesses. He has also appeared in television programs such as 7.30 Report, A Current Affair, Today Tonight and on Melbourne's 3AW. HOW TO OBTAIN PERSONALISED KITS At no extra cost to you, if you order in excess of 10 copies we will amend the standard KIT so that your KIT will have as the forwarding address for the Report your accounting firm. All you have to do is complete the enclosed ORDER with your relevant details and required number of KITS. We will also forward with your order a draft letter to be issued by you to your clients advertising the KIT. Email your order through for prompt reply! |