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Audit account

Discussion in 'Accounting, Tax & Legal' started by dstme, 22nd Oct, 2010.

  1. dstme

    dstme New Member

    Joined:
    22nd Oct, 2010
    Posts:
    2
    Location:
    victoria
    Hi, I'm a newbie in setting up business in Australia. Currently, I'm still undecided to register my business as sole-proprietor or as company. For a start-up, I think it is easier to start with sole-prop as there are less work do be done on the accounts and I can concentrate making money. Further, it is less costly and I can submit my accounts/tax to tax office without problem.

    But, I'm just thinking ahead if my business really makes money and need to expand, then I will have to create a company as the tax would most probably kill me and liability will be limited in case any legal involvement. So my questions are:

    1. For a small setup company (ACN), can I submit all the accounts, GST and tax to ATO by ourselves or do I have to ask tax accountant to submit? Do we have to ask them to audit the whole account? What is the proper procedures and what is usual fees if asking a accountant to submit for us?

    2. For bank account, if we setup as sole-prop, are customers pay to - My "business name" or my personal "legal name"? I prefer they pay to "business name" coz it looks more professional and easier to remember the business name than my personal name.

    3. Does anyone know what is the minimum amount in the bank if it is company account?