FAQ’s

A Business Activity Statement, or commonly known as BAS, is a form issued by the ATO (Australian Taxation Office) to all GST registered entities to facilitate the reporting of the entities GST related activity for the period.

An ACN (Australian Company Number) is issued by the ASIC (Australian Securities and Investments Commission) to all new companies registered in Australia to facilitate the monitoring of those companies and also to give them a unique identity code within the structure of the Corporations Law of Australia. Only a company can be issued with an ACN.
An ABN (Australian Business Number) is a unique number issued by the ATO (Australian Taxation Office) to all entities that are in business. If an entity is trading as a business, no matter how large or small, they must apply to the ATO to acquire an ABN and must show that ABN on any invoices they issue. The ATO will then automatically issue a unique eleven-digit number.

Here's a quick guide to show you how we can help you if you are starting your new business:

• We will advise you of all obligations with the ATO, set up all necessary registrations with the ATO including obligations related to running a business.
• We can supply Xero, Quickbook and MYOB training through email and telephone support accompanied with support and are always available to answer client queries.
• If you wish to focus on operating your business, we will advise on the best way to prepare your business documents for us.
• We will attend to all ATO lodgements and prepare accounts on a regular basis in order to provide meaningful reports that can be used in making the business operate more efficiently.

A business is only required to be registered for GST with the ATO if their annual turnover/income exceeds $75,000 per annum, or if you are a non-profit organisation has an annual turnover/income of $150,000 per annum or more. Once you are registered for GST, you must, by law, add 10% GST to all of the invoices that you issue to your customers.

This is a very common question in business, especially for people who are new to the world of business. There is no easy answer, as this will largely depend on your business structure and industry. With our many years of experience, we will guide you in the right direction in this regard to ensure that your business is claiming all possible deductions that it is legally entitled to do so. If you have any questions on this topic, we are always willing to listen.

This will largely depend on the type of business that you are in and the structure that you trade under. In the majority of cases, if you require a motor vehicle to travel between suppliers, meetings, places of business, etc, there will be some form of deduction available to you. There are a number of different ways of claiming motor vehicle expenses and we will gladly advise you of the right method for your small business structure.

The most suitable business structure for you will depend on numerous factors. Here at Accountants Connect, we will work with you to gain the greatest possible understanding of your business needs as well as your personal goals to ensure that we can select the most appropriate business structure for your circumstances. This may be a partnership, sole trader, company, trust, superannuation fund etc.

If you are not satisfied with your current accountant and you would like to change from your existing small business accountant, it is important you do so. Firstly, you need to contact your current accountant to let them know you will be changing accountants. Make sure that there is no current work pending completion and hence no surprise billing.
We will meet with you to have a chat about your current situation and the reasons you are after wanting to change from your existing small business accountant.