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Accounts Studio
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tyelino, post: 24397 wrote:
Hi,

Reporting requirements for the ATO, preferred book keeping methods, general practices i should do to ensure smooth operation from a financial and legal POV etc

Tye

Hi Tye

Regarding reporting requirements for the ATO – you will need an ABN, you may or may not need to register for GST (depending on your projected turnover and personal requirements), if you are planning on taking on staff then you would need to register with the ATO as an employer and depending on the size of your business forward to the ATO your witheld PAYE tax monthly or quarterly.

Regarding bookkeeping methods – are you planning on doing this yourself? If you are planning on outsourcing make sure you use a bookkeeper who is experienced, comes with referrals and who is a member of a recognised bookkeeping organisation. If you are planning on getting them to fill out your BAS then you will need to make sure they are legally able to under the new BAS rules. You will need to have a think about whether you are going to get the bookkeeper to do all entries or whether you will be doing some yourself. In terms of what software to use – there are many but generally MYOB is a safe bet as you will find it much easier to find bookkeepers who are MYOB savvy. I know for example in our area I often get calls from clients wanting a bookkeeper knowledgeable in Quicken and they have really struggled to find one. Your area may be different though.

Hope that helps. If you need any other info feel free to message me.