Frequently Asked Questions



How can I keep my accounting fees down?

There are several methods that you can use to minimize your accounting fees. Here are our top 5 suggestions:

  1. Keep your records up to date. It is much cheaper to employ an administration person or bookkeeper than to pay an accountant to fix up your records.
  2. If you do your own bookkeeping, make sure that you receive training.
  3. Speak to your accountant prior to organizing any type of Business Finance, Lease, Hire Purchase or Loan. Most GST errors occur with the recording of financial liabilities and repayments. It is much faster and cheaper for your accountant to set these things up at the start, rather than amending your Business Activity Statements and accounting records at the end of the year.
  4. Ask your accountant what they need and the best way for you to provide it.
  5. Use the services of a professional bookkeeper. They are likely to be able to save you time by doing the work quicker than you could do it yourself. Plus it feels better when you don't have to worry about your bookkeeping. If you need a bookkeeper we can recommend local professionals in most states.
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What is the best way to keep my records?

The simple answer is that there is no "best" way. Most people hate that answer, and can you blame them. :)

There are two factors to consider:
  1. The size and structure of your business; and
  2. The personalities of you and your staff.
The second is perhaps more important to the first. That's because there are a number of systems available.

For example, if you're the sort of person that hates computers, there's is no point in using a computer-based system unless you are willing to change. If you hate filing, then a paperwork-intensive system will only demotivate you.

The best things to do is to discuss your options with your Accountant.

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What's the best business structure for me?


This question is more complicated than many people think.

Here are some important factors to consider:
  1. Your risk management strategy, including your exposure to litigation risks and the need for asset protection
  2. The expected size, growth and income of your business
  3. Whether or not you have a need for a nationally registered business name, e.g. If you want to operate under one name in more than one state
  4. Who will be involved in owning the business and whether or not you plan to introduce equity partners or shareholders in future
  5. Your career and work plans for the future, e.g. When you plan to retire, how long you plan to work for and if you are expecting to have time off
  6. The structure of your family and whether you have beneficiaries to whom you wish to distribute income
  7. The availability of reduced tax rates and other tax concessions (e.g. Capital Gains Tax concessions for Individuals) and how you plan to spend the money you earn
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What Accounting packages do you work with and recommend?

Accounting for Small Business is a professional partner with MYOB and Quickbooks. We also use and recommend Cashflow Manager and FilePro (for Law Firms). Generally we can work with any accounting package providing that we can access your Trial Balance, Balance Sheet, GST Ledgers, General Ledger and Profit and Loss Statements.

We sometimes recommend Cashflow Manager for individual contractors. But ultimately, MYOB meets the needs of 95% of our clients. If anything, we prefer MYOB because we're able to provide support for the program and the feedback we get from our clients has been excellent.

Having said that, we're also happy to work with Quicken and Quickbooks if you prefer.

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Which Accounting package is best for me?

This depends on several factors:
  1. The size and structure of your business
  2. Whether you are a service or trading business
  3. What you want to do with the software, e.g. Do you want to use it to create invoices, do you have payroll needs?
  4. Your access to information technology and your skill level using information technology
  5. Your budget
Feel free to discuss your Accounting Software requirements with your AFSB Accountant, or ask your accountant to organize a free consultation with one of our Business Information Technology Specialists.

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What records do you require to prepare my tax return?

This depends on what type of tax returns you require. As a general rule we require the following:
  1. Bank Statements (Reconciled to the End of the Year)
  2. All Hire Purchase, Lease and Loan Documents relating to your business or investments
  3. Details of all your income from Investments, Capital Gains, Interest or Business
  4. Details of all Expenses relating to your income earning
  5. Copies of All Business Activity Statements lodged and any working pages
  6. Tax returns from previous years
  7. Details of your previous accountant if you operate a Business
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Are there any barriers to becoming one of your clients?

As we operate according to the ethical guidelines of Professional Accounting Bodies, we do require ethical clearance from your previous accountant if you lodge any type of tax return (other than Individual).

In 99% of cases, your previous Accountant will issue an ethical clearance. The main reason that your previous Accountant may not give ethical clearance is due to any outstanding accounts. We recommend that you deal with any outstanding accounting fees prior to engaging an accountant.

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I'm based in a city other than Perth. Can you help do my tax return?


Accounting for Small Business currently has clients in Perth, Brisbane, Adelaide, Sydney and Samoa. Depending on your tax needs, we are general available to provide services to individuals and organizations based in any state.

It is however important to recognize that we provide a personalized Business and Taxation Service, and where possible we like to talk with clients face to face from time to time or at least by telephone.

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What is your background?

Accounting for Small Business has been providing Business and Taxation Services since May 2003. As our name suggests, we specialize in dealing with Micro and Small Business with Turnovers of under $5 Million.

We are registered tax agents and are a registered Public Practice under the National Institute of Accountants. Our Managing Partner is a Professional National Accountant (PNA), which is the highest qualification recognized by the National Institute of Accountants (NIA).

The PNA designation provides our clients with a guarantee that they are dealing with a trained professional, who has met the academic, ethical and practical requirements of the NIA with an ongoing commitment to Continuing Professional Education (CPE). The NIA has a long-standing history of involvement in the accounting industry as one of Australia's oldest professional bodies.

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How much do you charge for a tax return?

Our rates are very affordable and depend on the size of your business and the type of service that you require. As a guide, Standard Individual Tax Returns are $110.00 (Inc GST) and Small Business Tax Returns start from $440.00 (Inc GST).

Our standard rates are $110.00 per hour + GST for a Partner and $75.00 per hour + GST for other Accounting Staff. In order to review your Business Progress, Taxation Planning and Preparation and Lodgment of your Business Activity Statement, we normally suggest that we meet at least briefly on a quarterly basis.

After the first year of service, we work on a fixed cost basis, billed on a quarterly basis.

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I'm new to business. How can you help me?

Because we provide a personal and professional service, it is in both of our best interests to not only help you, but to provide you with the best set up advice possible.

We like to assist with educating new clients in business and we bend over backwards to ensure that you have the right information to develop an accounting and bookkeeping system that works for you. That way, you don't have to pay us to spend time correcting mistakes or filing errors. No doubt you have better things to spend your money on than paying your accountant to do your filing.

We provide an initial free consultation we can go through most of the tax basics with you. If you need additional information we can provide you with resources from the Australian Taxation Office or give you information about appropriate seminars.

We can also organize an on-site consultation at your office to help you set up your systems. Our Practice Manager is an expert in Small Business Systems and New Business. He has written articles and information on Small Business through various online forums provided by the Small Business Development Corporation in WA and other business forums in Queensland.

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My tax returns are overdue! What is your turnaround?

Every business is different. As a general rule, we find that it takes approximately 4 weeks to complete your tax return from the time of your initial consultation. Here's an outline of the process:

Week 1: Initial Consultation and review of past tax returns, issuing of Ethical Documents to previous accountant

Week 2: Data Collection from you and inputting of data

Week 3: Receipt of Ethical Clearance from previous accountant and processing of tax return

Week 4: Final Meetings to discuss tax return, refund or payment options, signing of returns, discussion of future business taxation issues and tax planning.

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