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• # 92150
• Wed 10 Jul 2013 05:31 AM

Hi All,
I'm new to the forum. I'm working in a small-medium size company as a Bookkeeper. From the inception of the company, the year end financila statements and the company tax returns were done by the external accountants based on the company file that the bookkeepr sends end of every financial year.
I'm new to this  company and I'm wondering whether I can do the year end financial statements by my self, and then send it to a tax agent to prepare the tax return for the company.
What I want to know is, is it legal for a bookkeepr to do the year end financials instead of getting it done by the external accountants.
Also if I make the financials do I have to send it to any external party (Gov body)? 
Is it a legal requirement for a small-medium company to have an external accountant.

Thanks. 

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• # 92151
• Wed 10 Jul 2013 05:51 AM

HI
in short it is up to the owners and directors of the business
but also whether the company is a reporting entity under the corporations law, partly comes down to how big the company is, its turnover etc

having said that:  for most SME business in Australia there is no need to get a set of financials produced in statutory format.
If anybody else, ie the bank is using the accounts then arguable a Bookkeeper would need to be sure they have a good enough and professional understanding of all facets of preparation of the accounts.

A bookkeeper can certainly finish the datafile and preparation of the financials and seek the Tax Agent to do the tax review and preparation only. This is possible

The financials only get sent to government if the ATO request it, or if you are a Reporting entity.

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