Home – New Forums Starting your journey Why an accountant for BAS and MYOB advice

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  • #984005
    macalemoo
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    Hi, I would love some advice. My situation is:

    I have a small company (just me) and provide a trade to 3 companies as a contractor. I have been to an accountant and set up the business and signed up with MYOB live program on the net. I know MYOB really well from entry to reconcile accounts. my accountant wants to charge $250 to do my bas (all entries and reconcile are done by me) and $200 an hour for any interim questions i have then from $300 to do my company tax return at the end of the year.

    Im happy for the tax return and the questions in between but is it really worth $250 to put values in a few box’s or am i missing something? I am thinking of just doing it myself from the BAS report of the software.

    I’m also not entirely familiar with this Live program.. why has my accountant got me to use it? Am i better off just getting the myob from officeworks if i am doing my own BAS?

    #1145307
    MH08
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    Depending on your level of understanding when doing you taxes, you would need an accountant for the more difficult parts.

    The difficulty would be knowing what is operational and capital expenses in nature.

    Just noticed you new how to fill out the BAS statement near the end of your post – Edited

    #1145308
    CindyK
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    Hi,

    Another option is to find a BAS Agent/Bookkeeper who is legally able to assist with your bookkeeping, BAS, GST obligations and record keeping/small business compliance. They are generally 1/2 to 3/4 cheaper than an accountant on hourly rate. They/we do not assist with income tax return areas, capital investment or tax planning.

    What area are you in? You might be able to get quotes on here if you put your area. We work in Brisbane and specialise in small business.

    You can certainly do your BAS yourself using the software, however, you still need to understand how to correctly put the different invoices/bills into your software to prodcue the end result. I would suggest if you want to complete your own, to still find and retain a BAS Agent to ask the tricky questions to – like when you have an insurance policy with three different GST codes involved. Many bookkeeper/BAS Agents will also be happy to train you to use the software yourself.

    Have a great week.

    #1145309
    Divert To Mobile
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    Hi macalemoo,

    If your comfortable lodging your BAS I’d say do it yourself.

    The benefit of using live rather than the box version of myob is that your accountant can log into your data file remotely.

    The benefit of the box version is that if you dont need the updates you dont pay for them.

    Steve

    #1145310
    James Millar
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    • Total posts: 1,739
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    We encourage all of your clients to complete their own BAS’s. (If they proficient in the software package or use a good bookkeeper). I’d estimate 85% of our clients prepare and lodge their own.

    If you have a complex GST issue (cross border trading, margin scheme etc) then your accountant may need to be involved – otherwise DIY.

    The problem is that if your accountant does them he needs to follow an entire QA documentation process and that’s why it costs $200 for something apparently fairly simple.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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