Home – New Forums Money matters Company annual admin costs

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  • #988566
    business808080
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    I know a company costs roughly $450 to set up (DIY), but what are the annual admin costs associated with maintaining a company? Ive gathered there is an ATO “lodgement fee” for each company which is roughly $200 (plus late fees if applicable), but is that all? I understand all companies are required to be Independently audited by a registered tax agent to provide an annual statement as well? How much will all this roughly cost?Thanks

    #1167785
    Matt Jacobs
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    It really depends on how much work your accountant has to do each year.

    With my accountant it usually costs around $1,000 a year. Sometimes it has cost a bit more if there was something tricky to deal with (but usually my tax would be pretty simple for them to complete).

    But don’t forget all the other weird things you have to account for – like WorkCover, public liability insurance etc.

    #1167786
    help4bis.com
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    BigBill is right,

    A good accountant to do your tax and provide advice throughout the year is about $1000 (tax deductible I believe :-)).

    Insurance and work cover depends on your industry and where you are at.
    Single one man band here in QLD does not need work cover I believe.

    For your admin cost for a business, you probably look around the $4000 – $5000, sitting on the shelf. Cost will go up if you start counting your own time (which you should).

    #1167787
    business808080
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    help4bis.com, post: 194560 wrote:
    BigBill is right,

    A good accountant to do your tax and provide advice throughout the year is about $1000 (tax deductible I believe :-)).

    Insurance and work cover depends on your industry and where you are at.
    Single one man band here in QLD does not need work cover I believe.

    For your admin cost for a business, you probably look around the $4000 – $5000, sitting on the shelf. Cost will go up if you start counting your own time (which you should).

    Hi, I dont understand. You say about $1000 is normal, but then say “$4000 – $5000, sitting on the shelf.” Where are you getting the 4-5K from?

    Also, so I understand the ATO requires each company provides audited accounts by an accountant, but can one do it oneself. (not saying i would, but just curious)

    #1167788
    help4bis.com
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    business808080, post: 194575 wrote:
    Hi, I dont understand. You say about $1000 is normal, but then say “$4000 – $5000, sitting on the shelf.” Where are you getting the 4-5K from?

    Also, so I understand the ATO requires each company provides audited accounts by an accountant, but can one do it oneself. (not saying i would, but just curious)

    $1000 for an accountant, that is generally their fee, and well worth it.

    the other 3-4k will be in insurances etc. Depending what you do I guess, professional indemnity etc.

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