1. What do I need to do in order to start my own bookkeeping business?
There are many consideration you need to take into account before you embark on your new venture.
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2. Is my bookkeeping classified as a business or a hobby?
There is a concerning and misleading myth in the bookkeeping industry that a bookkeeper who performs bookkeeping services once a week is not in business
[More Information] 3. Are there any income tax laws governing bookkeepers? Unless you are a registered tax agent, then you are prevented by law* to receive a fee for preparing income tax returns and providing advice. However, there are exemptions.
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4. Does a bookkeeper need to have any formal bookkeeping qualifications? To complete a BAS accurately and completely, a bookkeeper must have the appropriate knowledge and skills.
[More Information] 5. Is a bookkeeper required to keep up to date with tax regulation requirements through professional journals and professional associations? To demonstrate that a bookkeeper has the knowledge and skills to complete a BAS accurately, they should provide evidence.
[More Information] 6. Should a bookkeeper provide a business owner/client with a letter explaining fees and tasks? For the protection of all parties – including clients – bookkeepers and registered tax agents should document and maintain copies of their arrangement.
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7. Is a bookkeeper required to sign any permission forms with the business owner/client? a. For a bookkeeper to speak to a business owner/client’s accountant?
It is recommended that a bookkeeper and accountant document their working arrangement.
b. For a bookkeeper to lodge business owner/client’s BAS ?
A business owner must provide a bookkeeper with a written and signed declaration.
[More Information] 8. Should a bookkeeper consider having virus protection on their computer?
Yes. Computer viruses are a major threat to any business, and one of the more common threats is identity theft.
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9. Does the accountant need to approve the BAS before it is lodged by the bookkeeper? The ATO has detailed guidelines on the requirements for bookkeepers working ‘under the direction of a registered tax agent’. The guidelines require the tax agent to review the bookkeeper’s services for accuracy and completeness and ‘be satisfied with the standard of BAS services provided’.
[More Information] 10. Does a bookkeeper need Professional Indemnity and Public Liability insurance?
The bookkeeper, may be liable to pay any fines or penalties (including general interest charges) bookkeeper for errors or negligence.*
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Complete and submit the query form and a member of the AAPB team will be in contact with you.