MYOB rides GST in Y2K

MYOB rides GST in Y2K

Listed accounting software vendor MYOB has announced an operating profit before tax of $32.4 million on revenues of $122.3 million for the 2000 calendar year.

The result exceeded MYOB's prospectus forecasts by 36 per cent, fuelled by the introduction of the new taxation system. The introduction of the Goods and Services Tax system, and its frequent updates, doubled MYOB's customer base to over 295,000 businesses.

"As further changes to the tax system are made our goal is to ensure we provide the tools for small businesses to negotiate these," said Craig Winkler, MYOB's chief executive officer. "We aim to do this profitably for both our customers and our shareholders."

In stark contrast, listed accounting software distributor Reckon predicted a trading loss for the same period of between $16 million and $20 million.

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