Small business tax time

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?

 

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.

 

$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!

 

If I wasn't paying an accountant I would not have an idea on what to do!

 

My return is pretty simple. I paid an accountant the first year but I just do it myself now.

 

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.

 

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).

 

Good luck