Free Trade Day
We know you’re free to trade with anyone you like, however, the implications of trading with unlicensed or unregistered people and businesses may not be advantageous.
What if your suppliers and/or subcontractors haven’t registered for an ABN?
Did you know you must withhold the top marginal rate and Medicare levy? We think it’s best to do an ABN lookup for all new suppliers as you check over their invoice.
What if your bookkeeper isn’t a BAS agent? (What is a BAS agent?)
BAS agents are licenced and insured bookkeepers, they have completed training, so they are licensed to lodge your BAS directly with the ATO and you are entitled to an extended lodgment and payment deadline, not to mention safe harbour provisions if something goes wrong.
So feel free to trade with whoever you like, but make sure you aren’t creating yourselves an administrative nightmare.