Frequently Asked Questions
General Accounting and Tax Questions
What are the different types of accountants?
There are several types of accountants in Australia, including public accountants, tax agents, forensic accountants, management accountants, auditors, and chartered accountants. Each serves different roles in business, taxation, or compliance.
What does an accounting firm do?
An accounting firm offers services such as bookkeeping, tax preparation, financial reporting, business advisory, and compliance. At Trinity Accounting Practice, we provide complete financial solutions for individuals and businesses.
What can an accountant do for me?
An accountant helps you manage your finances, reduce your tax, meet compliance deadlines, set up business structures, and improve profitability. Trinity Accounting Practice specialises in personalised support for small businesses.
Is it worth getting a tax agent?
Yes, a registered tax agent ensures your tax return is accurate, maximises your deductions, and submits it on time to avoid penalties. Trinity Accounting Practice is a registered tax agent with decades of experience.
Is it worth getting an accountant?
Yes. Accountants can help reduce tax, manage cash flow, and avoid costly errors. Trinity Accounting Practice supports businesses of all sizes with expert advice.
Is it worth going to a tax agent?
Absolutely. Tax agents stay updated on ATO regulations and ensure compliance. Trinity Accounting Practice offers weekend and after-hours appointments for your convenience.
Do you need an accountant for a small business?
Yes. Small businesses benefit greatly from accountants who provide financial insights, help with tax obligations, and assist in planning for growth.
Do I need an accountant as a sole trader?
While not mandatory, working with an accountant ensures you're claiming the right deductions, tracking expenses, and lodging tax correctly. We support many sole traders across NSW.
Does an accountant do taxes?
Yes. Accountants prepare and lodge tax returns, ensure compliance, and advise on tax-saving strategies.
Does an accountant need to be registered?
Yes. In Australia, tax agents and BAS agents must be registered with the Tax Practitioners Board (TPB). Trinity Accounting Practice is fully registered.
What is a chartered accountant?
A chartered accountant (CA) is a member of Chartered Accountants ANZ and has completed professional training, exams, and ongoing education.
What’s the difference between an accountant and a chartered accountant?
All chartered accountants are accountants, but not all accountants are chartered. CAs undergo rigorous training and are often involved in high-level strategic advisory work.
Difference between CA and CPA
CAs belong to Chartered Accountants ANZ, while CPAs are members of CPA Australia. Both are qualified, but their training paths and global recognition may differ.
Is a bookkeeper an accountant?
No. Bookkeepers handle day-to-day financial transactions, while accountants focus on compliance, strategy, and tax. Trinity Accounting Practice provides both services.
Who is a tax agent?
A tax agent is a registered professional authorised to prepare and lodge tax returns on behalf of clients.
What is an accountant?
An accountant is a financial expert who manages records, prepares reports, files taxes, and provides business advice.
Business & Startup Questions
How to start a business in Australia?
To start a business in Australia: choose your structure, register an ABN, set up tax registrations, open a business bank account, and meet licensing requirements. Trinity can help every step of the way.
How do you start a business in Australia?
The process includes planning, choosing a structure, registering for an ABN, and understanding GST obligations. Contact us to streamline your business launch.
Steps to starting a business in Australia
- Choose a business structure
- Apply for an ABN
- Register a business name
- Register for taxes (GST, PAYG)
- Set up accounting and bookkeeping
- Obtain relevant licenses and insurance
Guide to starting a business
Our team provides comprehensive business setup services including registrations, accounting systems, and compliance advice.
How to register a company in Australia?
You can register online through ASIC. You'll need a company name, structure, ABN, and registered office address. Trinity can register your company for you quickly and correctly.
Steps to register a company in Australia
- Choose a company name
- Decide on structure and shares
- Get a registered office address
- Register with ASIC
- Apply for an ABN and TFN
- Register for GST if required
Steps to open a company in Australia
Trinity Accounting Practice helps new business owners open companies and stay compliant. Book a consult to learn more.
Cost of company registration in Australia
ASIC charges a standard fee (approx. $576 as of 2025). There may be extra costs for legal and accounting help.
Cost of opening a company in Australia
Costs vary depending on your business needs, software, and professional setup services. Trinity offers bundled startup packages.
When does a business need an ABN?
If you're starting a business or earning over $18,200 per year from freelancing or contracting, you likely need an ABN.
How does a sole trader work?
As a sole trader, you operate under your own ABN, are responsible for debts, and report income on your individual tax return.
Is sole trader a company?
No. A sole trader is not a company. It is the simplest business structure with fewer obligations.
What’s the difference between sole trader and company?
A sole trader is personally liable for business debts. A company is a separate legal entity with limited liability. Trinity can help you choose the right one.
Difference between company and business
A company is a legal structure registered with ASIC. A business is a broader term and can operate under various structures (sole trader, partnership, etc).
Difference between ACN and ABN
An ABN is for identifying your business with the ATO. An ACN is a unique number for companies issued by ASIC.
When should a business register for GST?
If your turnover exceeds $75,000 annually, or you're a taxi/ride-share driver, you must register for GST.
When should I register for GST?
As soon as you expect your income to go above the $75,000 threshold. Trinity can register your business and manage your BAS.
Accounting Software & Tools
How does Xero work?
Xero is a cloud-based accounting software that helps manage invoicing, bank reconciliation, BAS lodgements, payroll, and reporting. Trinity Accounting Practice is a Xero Certified Advisor.
How does MYOB work?
MYOB is another popular accounting software in Australia for payroll, tax, and accounting management. We assist clients in setting up and using MYOB.
Cheapest accounting software
There are free or low-cost options like Wave or Zoho, but we recommend Xero for its features, support, and compliance tools.
Most popular accounting software in Australia
Xero, MYOB, and QuickBooks are the most widely used. Trinity is a Xero Gold Partner and offers discounted subscriptions.
Most popular accounting software
Xero continues to lead due to its ease of use, automation features, and ATO compliance.
Top rated accounting software
Xero, MYOB, and QuickBooks Online consistently rank high for features and support. We can help you choose the right one.
Tax Questions
What can you claim on tax?
Deductions vary by occupation but can include work-related expenses, home office costs, vehicle use, and education. Trinity ensures you claim everything you're entitled to.
What are the tax rates in Australia?
The individual tax rates range from 0% to 45%, depending on income. Companies pay a flat rate (25% or 30%). We can explain how these apply to you.
What are the tax brackets in Australia?
Australia has a progressive tax system. The more you earn, the higher your rate. Updated brackets are available on the ATO website or through your accountant.
Registration & Identification
How can I get an ABN?
Apply for an ABN through the Australian Business Register. Trinity can do this for you and ensure you meet eligibility requirements.
How does ABN work?
An ABN is your business ID for tax and invoicing purposes. It’s used when dealing with clients, the ATO, and suppliers.
Where to find Director ID?
Apply via the Australian Business Registry Services (ABRS). Directors are legally required to obtain one. We can assist if needed.
Need Help?
Trinity Accounting Practice
✅ Accounting Firm in Beverly Hills
☎️ 02 9543 6804
📍 159 Stoney Creek Road Beverly Hills NSW 2209
🌐 www.trinitygroup.com.au
📅 Weekend & after-hours appointments available!
📅 Booking Link: https://calendly.com/ramy-hanna
📌 Learn more about what we offer:
https://www.trinitygroup.com.au/services
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