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Frequently Asked Questions

What are the accounting requirements when starting a small business?

Find a good Tax Agent. (like Me) That way you make appointment before you start anything. You will have lots of ideas , and many more questions. As this is an exciting time to start a new business, its best to start it right from the beginning that way you can force on what you do best and let your Tax agent/accountant and bookkeeper help you with all the paperwork. (Small business accounting can quickly become complex if you do it on your own. If you feel you’re losing control of who owes you money and how much, an accountant can help you get back on track.) By starting with the right software, like MYOB or others will make the it less stressful. More time for you, Plus time to work on growing your business.

How often should you meet with your Tax Agent or accountant?

People think its a once a year thing. Its really much better to meet you with Tax Agent has many times through out the year. This way you can keep on top of any tax problems you might have before end of year. Plus you need to know your business better. To make it ran better to make money.

Do you still need an accountant if you use, MYOB or any other accounting program?

Yes every business, no matter how small or big the entity is , or what the software is. You will still need a Bookkeeper or Tax agent, to help you grow your business, to proved you with any help with staff, GST, tax liabilities . Most of to been a listening ear and help you grow your business.

What are the main differences between the duties of a bookkeeper and an accountant? (What is the difference between bookkeeper and an accountant?)

While bookkeepers and accountants share common goals, they support your business in different stages of the financial cycle. Sometimes they do the same work. Bookkeepers first task is to record transactions and keep you financially organized, while your Tax agent/accountant provides consultation, analysis, and are more qualified to advise on tax matters. Business owners will often look to accountants for help with strategic tax planning, financial forecasting, and tax filing.

When should I register for GST?

If you’re not registered for GST, check each month to see if you’ve reached the threshold, or are likely to exceed it. You need to register within 21 days of your GST turnover exceeding the relevant threshold. When your business has a GST turnover (gross income minus GST) of $75,000 or more. If your non-profit organisation has a GST turnover of $150,000 per year or more.
You can register for GST through your registered Tax agent or BAS agent when you first register your business or at any later time. You only need to register for GST once, even if you operate more than one business

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