Tax Practitioners Board
Start-ups using dodgy bookkeepers to prepare GST returns would miss out on deductions under a proposal by the Institute of Public Accountants, which has released its pre-budget submission.
A tax expert says unregistered bookkeepers could face fines or suspension if they fail to acquire mandatory insurance by July 1, but many are unaware of the new requirements.
Speak to the founder of an innovative start-up and he/she is likely to grumble about reluctance of banks to lend them funds to fulfil their dreams.
Bookkeeping is a growing profession and, contrary to popular belief, can be exciting and rewarding. Being a bookkeeper is about understanding how a business works and then providing accurate figures in order for the business to know exactly how well it is doing.
A move to ensure all tax and BAS agents have professional indemnity insurance could hinder start-ups, according to the National Institute of Accountants.