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Small business tax time

Discussion in 'Small Business' started by Jkat, 5th Nov, 2015.

  1. Jkat

    Jkat Well-Known Member

    Joined:
    25th Jun, 2015
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    101
    Location:
    Sydney
    Hi all,

    Last year I thought I was going to seriously input time into a company to start up a private practice (counselling). I have not. I have had some expenses (insurance etc) but no income.
    Come time to do tax (for the first time for this company).

    Am I better off paying an accountant to do it or, because there was essentially no income and (almost) no expenses do you think it is something I can do on my own?
     
  2. MRO

    MRO Well-Known Member

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    18th Jun, 2015
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    Location:
    Perth
    Are you continuing with the business? You many want to consider winding up the company because even the most basic company tax return will cost around $500 through an accountant plus your annual ASIC fee which is around $240 from memory.
     
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  3. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Location:
    Sydney
    $240 is spot on. Jkat sorry to hear its not going too well. Have you tried social media advertising. Its all my business uses and its free!
     
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  4. Xenia

    Xenia Adelaide Property Manager Business Member

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    4/136 The Parade Norwood, South Australia
    If I wasn't paying an accountant I would not have an idea on what to do!
     
  5. Vacant

    Vacant Well-Known Member

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    Location:
    Port Stephens
    My return is pretty simple. I paid an accountant the first year but I just do it myself now.
     
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  6. wogitalia

    wogitalia Well-Known Member

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    28th Oct, 2015
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    Perth
    It depends entirely on whether you plan to trade or not in the future.

    If you do it's worth doing to have the losses carried forward. If not it's probably worth winding it all up and lodging a not necessary return.

    You'll want to see an accountant either way though.
     
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  7. Jkat

    Jkat Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
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    Location:
    Sydney
    Thanks for the replies everyone. I am planning on continuing with it so will see an accountant. I just started it prematurely (should have started it this financial year).
     
  8. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Location:
    Sydney
    Good luck :)
     
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