I don't understand the accounting terminology my accountant uses?

Accountant's just like doctors and lawyers seem to have a whole language unto themselves. You should never feel like you cannot ask your accountant to repeat what they say to you in plain English. However, if you feel like you would like to brush up on the lingo or just learn a few words, PrimeBooks has provided a list of the most common terms and their meaning at the following link.

If you still feel like the explanations do not make any sense, please send us an email with the term(s) you are having trouble understanding and we will try to explain it to you.

Do I have to use MYOB to run my business?

In short the answer is no, you do not need to use the MYOB suite of software in order to run your business. There is a raft of products that you can utilise to run your business from a simple paper-based ledger to a sophisticated accounting system such as SAP.

Your accountant or bookkeeper will most likely recommend MYOB due to its ease of use as it has been designed with small, medium and large businesses in mind. MYOB software also provides an easy and convenient way to track a business's financials including payroll, inventory and GST to name a few. A similar product that is widely used is QuickBooks (Quicken), Xero or even a simple Microsoft Excel spreadsheet.

Whatever your preferred choice in record keeping software, PrimeBooks Accounting is experienced in supporting the vast majority of record keeping products available on the market.

The list of products which PrimeBooks Accounting have available for sale are listed here, or you can contact us directly for a free appraisal and quote.

Do I need to register for GST?

According to Section 23-5 of the GST Act, an entity must register for GST if:

  1. it carries on an enterprise; and
  2. Its GST turnover meets the registration threshold of $75,000 per year ($150,000 for a not-for Profit entity).

If the annual turnover of your business is less than $75,000 a year, you have an option if you would like to register for GST. However, if you are a Taxi operator, you are required to register for GST regardless of turnover.

Does my bookkeeper need to be registered?

If your bookkeeper provides BAS or GST services to you or another business, then yes they are required by law to be registered with the Tax Practitioners Board. The Tax Practioners Boards' website provides a functionality, whereby you are able to search and ensure your BAS agent is a registered Agent. This not only ensures your BAS Agent complies with the new regulations, but also ensures that they are adequately equipped to provide these services to your business.

Tax Agent and BAS Agent Register

Do I need a bookkeeper or accountant to complete my BAS?

No you do not need to engage a bookkeeper or accountant to complete and submit your BAS.

However, many businesses will engage a bookkeeper or accountant to do their books due to being too busy or they are just not comfortable with taking on the financial and legal requirements required of a business in completing the BAS. The ultimate questions you will need to ask yourself are;

How much do you value your free time and what is your free time worth to you?

Engaging a bookkeeper or accountant to perform this task for you is a very cost effective way in freeing up your time so that you may concentrate on growing your business or spending time with your family. PrimeBooks Accounting is ready to work with you in achieving the best outcome for you and your business. Our philosophy is to take the burden of paperwork and compliance away from you so that you can concentrate on the things that really matter.

PrimeBooks will be there by your side to support you as you grow your business and we will provide you with support in meeting your regulatory obligations.

What is GST and why do I have to submit a BAS return?

On the 1 July 2000, a 10% Goods and Services Tax started in full operation in Australia. GST stands for Goods and Services Tax and is required by law to be applied to the exchange of most goods and services at a rate of 10%.

You will only be required to submit a BAS if you have registered for an Australia Business Number (ABN) and have registered for GST. By registering for GST, you claim the GST credits you receive when purchasing goods or services and  charge GST for any goods or services you sell.