Having a crack

[jerky]

hey guys,

Im not sure if this is the right spot to post, but I wonder if someone could point me in the right direction..

I am planning to have a crack at importing a particular health ingredient in bulk and packaging it for sale here. Currently no one else in Australia sells this particular product. I was thinking of beginning with just a small amount and see how it goes so I can limit my loss if not successful, what Im not sure about is how to protect my current IP's and PPOR if someone should decide to sue for a problem with the product (unlikely, but still possible I guess).
Is it best to set up an ABN to do the import and sale, and does this offer me any protection?

If there is anyone that could point me to some resources along these lines that would be great.

Thanks everyone

 

[evand]

An ABN wont protect you. You need to set up a company and don't sign any personal guarantees. Talk to an accountant.

You might want to heck the regulations regrading the product you're importing. There might be a reason its not fro sale here.

 

[weg]

Complying with all the legislation and food standards is probably your best protection.

http://www.foodstandards.gov.au/consumerinformation/importedfoods.cfm

 

[jerky]

Thanks evand and weg...I have checked carefully with AQIS (quarantine) and customs etc and it seems it is ok to import and what labelling regs there are, thats why i just want to do a small batch to start with and see if there are any hitches (including the saleability of the product)
I will talk to an accountant about protecting my personal stuff, as I dont want to put that into jeopardy, I just hoped for an idea as clearly I dont know what Im doing yet hehe

 

[sanj]

as mentioned you just need a pty ltd and dont do any personal guarantees.

make sure you use a freight forwarder experienced in food import/export, it helps significantly.

also be prepared to have the first few shipments "randomly" checked by AQIS and so make sure you allow yourself enough time to clear the cargo in case you have orders you need to fill.

 

[Invest]

As long as its a cane toad, a fox, an asian honey bee or any other outside animal, you should be fine... you're screwed if you actually want to bring in things that do not harm the Australian environment as they will be immediately confiscated. (im serious btw)

 

[ok180]

Talk to an insurance broker. You need a public liability policy. Shouldn't be more than a 1k or 2 for 10 million in cover.

 

[jerky]

Thanks Sanj, Invest and ok, it's nothing illegal or dodgy, I have been talking to customs/quarantine and the food standards ppl. and all seems ok so far. Ok suggested I take out a public liability policy which sounds reasonable, I will look into this and try and read up on setting up a pty ltd.

wish me luck

 

[weg]

It's some sort of cured or dehydrated meat, isn't it .

 

[Wunderbar]

Yep keep it simple. Start a pty ltd company and just run your business through that shell with no debt.

 

[Macca]

Check every rule and regulation for both your own state and for all of OZ with regard to advertising and packaging.

You must have liability insurance for every dill who will work out a way to blame you.

Be very, very careful of any claims you make about the product as they will be thoroughly tested by someone.

Please don't rush this, you really do need to think of as many stupid scenarios as possible and cover your butt

 

[Rixter]

Im not sure if this is the right spot to post, but I wonder if someone could point me in the right direction..

I am planning to have a crack at importing a particular health ingredient in bulk and packaging it for sale here.

There's the cryptic clue as to its identification!

BTW, Kings Cross on the east coast and Northbridge on the west should see you in the right direction.

 

[Deena]

Rixter cracked me up, lol.

 

[The Y-man]

Thanks Sanj, Invest and ok, it's nothing illegal or dodgy, I have been talking to customs/quarantine and the food standards ppl. and all seems ok so far.

Also to the ATO, SRO and anyone else who might want to tax it or impose a duty (I'm sure they'll invent a new tax or duty for you if one doesn't exist already).

Cheers,

The Y-man

 

[jerky]

haha thanks Rixter, I'll keep that in mind

and thanks everyone for their thoughts, when I get it going I will be sure to post a link

 

[Ms Jade]

You describe it as a 'health ingredient' but in order to sell it as a supplement or make any type of claim you'll need to get it through the TGA.

 

[jerky]

Yeah have checked that out Ms Jade, it's tricky thats for sure

 

[motivated 5555]

if you have it sent in smaller packages a few days apart so taht the total of each package is less than $1000 then even if you pick them up together you will avoid a particular tax i believe.

 

[jerky]

Thanks Motivated, I had thought about doing it just like that