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  • #969989
    KoHi
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    Hi Guys,

    I’ve started a business in Feb this year and am wondering for End of financial year 2009/10, apart from Income tax return(Business) lodgement to ATO, is there any other things I am required to submit to necessary authorities like ASIC?
    I worried I might have miss things….
    Please advise.
    Thanks you =)

    cheers,
    KoHi

    #1041968
    Anonymous
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    best to talk to an accountant.

    as a general rule ASIC’S reporting is for businesses that are registered as companies and having a good accountant will make the submissions on your behalf (of course they will add it to your bill).

    #1041969
    KoHi
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    cretsiah, post: 50788 wrote:
    best to talk to an accountant.

    as a general rule ASIC’S reporting is for businesses that are registered as companies and having a good accountant will make the submissions on your behalf (of course they will add it to your bill).

    Thanks for the reply Cretsiah. But reporting to Asic isn’t it done at end of the business financial cycle which in my case is Feb2011?
    As my business is have little transactions, I am thinking of lodging the income tax return for the business DIY style =) but am not sure what I am required to do other then lodging the returns for the company.

    Thanks.

    #1041970
    Past-Member
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    Anything you pay to the Accountant is a deduction on your next tax return. I would strongly advise that you find someone that you can trust and use a good accountant. I don’t think DIY is good for companies, nor for small businesses like mine.

    If you really want to DIY then I suggest you talk to people at the ATO http://www.ato.gov.au

    PS Also what Greg says below.

    #1041971
    Greg@BC
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    Hi KoHi,

    Just one point on DIY tax returns is that there are some quirks in the tax law during the start up phase of a business. During the start up phase of a business there are some costs in setting up a business are not going to be straight out deductions. These cost as known as “black hole deduction” are required to be apportioned over a 5 year period. I would advocate the use of a tax agent or at least a chat to one (I may be biased being an accountant) as you do not want to be on the wrong side of the ATO.

    Greg Wilkinson
    Bates Cosgrave
    Chartered Accountants
    http://www.batescosgrave.com.au

    #1041972
    smallspark
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    It sounds like you have set up a Pty Ltd company…?

    You can actually call up the tax office and get them to send someone around to your home or office and take you through everything you need to do, even review it if necessary.

    However, that said, I still don’t feel comfortable doing the returns and financial statements for my company. The company tax return is 8 pages of just numeric fields with labels in obscure financial language, and the instructions for filling it out is over 100 pages long. Unlike BAS, the ATO do not make it easy to lodge the end of year requirements for a company without a tax agent. I get professional help to do the end of year and I do the bookkeeping, BAS and everything else myself.

    As long as your company is earning money, it should be well worth paying an accountant to do it.

    Another factor: as far as I know the reporting for companies is due shortly if you lodge it yourself. If you use a tax agent, you have much more generous deadlines for getting your documentation in.

    #1041973
    Greg@BC
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    John is on the money here. By using a tax agent you will normally have until 15 May the following year to lodge and pay you tax instead of 31 October if you DIY. It’s better having the cash in your pocket rather than the tax offices!!

    Greg Wilkinson
    Bates Cosgrave
    Chartered Accountants
    http://www.batescosgrave.com.au

    #1041974
    KoHi
    Member
    • Total posts: 10
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    Thank you all for your advises…
    Being the miser I am =D I guess I will try to DIY by meeting with a tax agent frm ATO (free service) and if it is really that difficult, I shall spend the money on an accountant.

    Will let you guys know the outcome.

    Cheers and Thank you again. =)

    #1041975
    KoHi
    Member
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    An update as promised…I am heading to see an accountant.

    Although the Tax agent from ATO was exceptionally helpful but it’s unfortunate he won’t be able to advise us on the lodgement of tax returns.

    I wonder why lodging of tax is made ever so complicated by the gov. =P

    Cheers,
    KoHi

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