Home – New Forums Starting your journey No Sales at all, do i still need accountant?

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  • #983637
    asmgx
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    Hi
    My business started officially on March, and till end of June I did not make any sale, and not expecting any till the end of June.

    do I need accountant for this period?
    do I need to post anything to the government about my finances ?

    please advice.

    thanks

    #1143490
    MH08
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    Nope, unless your registered for GST then wait for your BAS statement to come in, fill it with all $0.00, sign it and send back to the ATO, then if your products that consist of GST, then you would have to visit the accountant for your GST.

    Including some expenses. Try to do most of it yourself because any sales you would make wouldn’t be profit and could cost you more than it needs to at the accountant.

    #1143491
    SamanthaE
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    I would suggest that you should visit an accountant – even just to get some advice.

    During the start-up phase there can be expenses that you may be able to legitimately claim which may affect any other income you may be bringing in or if you are a company take forward losses which could potentially offset any profits in the future.

    It will cost a lot less to have this reviewed before you do your tax this year, than have to pay to get it done all again later if you are able to claim anything.

    This is general advice only – please get further clarification from a professional.

    #1143492
    Chris – Marketing
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    What type of business? is this the set up phase? are you injecting capital?

    #1143493
    Sydney Business
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    Yes – get some clarification from a professional, you may have other circumstances that you cannot post here and they are relevant to your tax return.

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