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ThienVan(Initiate)Initiate
1 Feb 2023

I just want to set up a small high-frequency stock trading company with some of my other friends. We will each put in a certain amount of capital and will hold equal shares. I expect we only have a cash account in there to clear trades in the first couple of years (depending on how things go we might scale it up later down the track).


At year's end, we'll just run the broker's report and pay taxes on whatever comes out of that.


My question is, am I required to sign up for something like QuickBooks or MYOB to do bookkeeping and financials? Or can I just simply use a spreadsheet to track my P&L?


Thank you for your help.

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1,111 views
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DanielleATO(Community Support)Community Support
2 Feb 2023

Hi @ThienVan,

 

Great question.

 

The main reason we may ask you to use an SBR accounting software is to report employee's wages. This is what we call Single Touch Payroll.

 

For your general bookkeeping you can account for your records how you like. Of course, if it works for you. 


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DanielleATO(Community Support)Community Support
2 Feb 2023

Hi @ThienVan,

 

Great question.

 

The main reason we may ask you to use an SBR accounting software is to report employee's wages. This is what we call Single Touch Payroll.

 

For your general bookkeeping you can account for your records how you like. Of course, if it works for you. 


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Peter_Clyne(Superuser)Superuser
13 Mar 2023

I don't agree with @DanielleATO as wages are frequently not relevant.


You should seek advice from an experienced accountant.

S/he can discuss and advise regarding the Corporations Act, which requires all companies to keep accounts, from which Financial Statements can be prepared.

That means an ability to produce a Balance Sheet and Income Statement, from a ledger system recording debits and credits in various ledger accounts.

A spreadsheet doesn't make the cut. Good luck with that.

Liked by Peter_Clyne
ThienVan(Initiate)Initiate
9 Jan 2024

That's not true, it's not compulsory to record financial statements when the business is small, only adequate financial records need to be kept.


Liking your own comment doesn't make the cut.



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Do I need to do bookeeping for my Pty Ltd or can it be done via spreadsheet? | ATO Community