The Australian Tax Office (ATO) website states that,
“Claiming a tax deduction for operation expenses:
“Operating expenses are the expenses you incur in the everyday running of your business. Examples include office stationery, renting premises and purchase of trading stock. These expenses are sometimes called working or revenue expenses.
You can generally claim a tax deduction for most operating expenses in the same income year you incur them. Ensure you keep accurate and complete records of these expenses as they occur.”
So, in general you can deduct bookkeeping fees that you pay for your business as a deductible expense.
Please note bookkeepers must be a registered BAS agent (or acting under a BAS agent supervision) with the Tax Practitioners Board (https://www.tpb.gov.au/information-clients-factsheet) to deal with GST/payroll and preparation of Business Activity Statements (BAS).
General bank reconciliations are not GST related; therefore, a non-BAS agent bookkeeper can complete the work.
We recommend that business use a bookkeeper who is a BAS agent. To check if a bookkeeper is registered go to https://www.tpb.gov.au/registrations_search.
To find your local expert bookkeeper Click Here
Disclaimer: Ogap Pty Ltd ABN 35 162 809 118 trading as Jim’s Bookkeeping & Tax is a registered Tax agent, 25413903, the information provided in this article is of general nature only. Before you act on this, we recommend you consult a registered BAS agent.
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