Van Dyk Newbold & Co

What business structure should I use?

A business can be operated either as a sole trader, a partnership, a company or a trust. There are numerous advantages and disadvantages to each structure as well as a variety of reasons for choosing one structure over the other. Ultimately, the right structure for each person and each business can be quite different and we suggest you contact us to discuss such decisions as soon as possible.

I have started my own business and wonder if I need to register for GST. Kindly advise?

Businesses with an annual turnover of $75,000 or more are required to register for GST. If your business has a lower turnover, you are not required to register but you may if you wish to. You will only be required to charge your customers GST if you are registered.

How long do I need to keep my receipts?

Documentary evidence should be keep for five years from the date of lodgement of the tax return in which the claims are made.

How do I start my own business?

Generally speaking, to start your own business is as simple as completing an ABN application. This can be done online through the ABR web page and, in most cases, you will receive your ABN immediately upon completion of the application. To complete this application, you will need to know your tax file number.

I am interested in buying a business. What do you need to help me make a decision?

If the business for sale is being sold for less than $200,000, the vendor is obligated to provide a potential purchaser with a From 2. Where a business is being sold for more than $200,000, the vendor should supply a copy of the full financial statements for the business. Once you have these from the vendor, make a time to see us for some advice.

When is my tax return due for lodgement?

If you lodge your tax return yourself, it must be lodged by October 31. However, if you use the services of a tax agent, your tax return is not required to be lodged until May 15 of the following year. Please note that to receive this lodgement extension you must be recorded as a client of a tax agent before October 31.

How do I change accountants?

There is no need for you to notify your old accountant. As your new accountant, we write to your existing accountant advising of your plans to move to our firm and ask them for any additional information we may require to understand your affairs. You may wish to call your old accountant out of courtesy but it is not necessary for you to do this. When seeing us for the first time, we suggest you bring in copies of the previous year's tax returns and financial statements to review.

How much do you charge?

When preparing relatively straight forward individual tax returns, we try to charge set fees. However, these fees are only indicative fees and may be higher or lower depending on the particular circumstances of each individual. When preparing business financial statements and tax returns or providing advice on tax related matters, our fees are based on the hourly rates of the staff involved in undertaking the work.