Starting a very small business!

A

aussierogue

There are probably other threads on this - sorry if doubling up.

My website revenue is getting to the point that I can no longer call it a hobby for tax purposes. I will probably have to start a business.

Can anyone tell me the cheapest and quickest way to register and start a small business. Do i need to do this via an accountant / lawyer / govt department etc etc

Cheers
Aussie
 
Funny how the ATO don't mind you calling it a hobby when it's making losses, but as soon as it's turning a profit they want their cut.

It's easiest if you do everything in your own name. Use your own TFN and you can trade under your own name so no need to register a business name.

If you haven't got one already you'll need an ABN:

http://www.abr.gov.au/ABR_BC/
 
Last edited:
Thanks replies guys.

I would like to use a business name though. Can I do this and still get an abn and just use a tfn? Can I call it Aussierogue enterprises (for example)?
 
Blue Card! - I don't know one year from the next, it all goes so fast. I think it changed 01/07/09 but might have been the year before that, can't remember.

Aussierogue - You can have a business name, that's optional but if you choose to trade under it, you'll need to register it as someone mentioned. TFN (obviously you'd already have) and ABN however are both compulsory. GST is optional up to a turnover of taxable sales of $75K. The ABN application will be done under your entity name (so your name if this is going in your personal tax return) but it will also ask what your trading name is (this is where you can put in the trading name you register if you wish to use something other than your own name).
 
Aussie

You may also find that the bank will require separate bank accounts in the business name and the fees for doing that are different to normal banking fees.

You can't have someone write you a cheque under a business name and bank it, unless it is for an account in that name.

Sorry if I am trying to teach my grandmother how to suck eggs.

Slim:)
 
Slim Pikins said:
Aussie

You may also find that the bank will require separate bank accounts in the business name and the fees for doing that are different to normal banking fees.

You can't have someone write you a cheque under a business name and bank it, unless it is for an account in that name.

Sorry if I am trying to teach my grandmother how to suck eggs.

Slim:)
Click to expand...

Actually, that is a really important issue. We closed down our business a few years ago, including closing the bank accounts, and then the ATO decided to give us a big tax refund. We couldn't get it paid to us without reopening a bank account.
Pen
 
can I be so bold as to ask what sort of site you run?? or products you stock etc??

has been something I have been thinking of doing for a while, but never really done much with ideas and don't really know where to start!
 
You really need to take a closer look at your specific situation.
If your trading only (100%) online, then you don't need a biz rego.
Though you may want to incorporate.
You may not even want that and trade as a "sole trader".
If your income only comes from OS, you don't pay GST on it.
If your local income is <75k you may not need register for GST, but GST on local expenses may not be claimed either.
If your expenses are all OS, then you may not be able to claim credits.
etc etc etc
Talk to an accountant first imo
 
Thank you all for the awesome replies. Helps alot

All of my reveue is internet based (paypal) and all the clients are overseas. So piston broke - you are spot on - thank you.

The reason i need a biz name is because I need to charge people for consultancy but dont want moneys going to a personal account because they can see that on the invoice.

Hi Xenia - yes its growing steadily. last week made over 1,000 bucks. the average seems to be 400-500 per week. I keep adding products and this increases the lines of revenue.

I see each product as its own little mini cashflow business.

Guys I cant give away too much because the website is done anonymously. I have a made up name and hide my location. In essense i write e-books, provide information and produce software relevant to my industry. Consultancy to come down the track.

thanks again
Aussie
 
Urban cowboy

Where to start ?

2 books - 'the 4 hour working week' and 'make money while you sleep'.

Most morning I wake up to find anywhere between 30 and 250 bucks in my bank account.
 
Well done, it's not as easy as they make it out to be.

Though why would'nt you focus on expanding the current offerings rather than go for labour intensive "consultation"?
Unless "consultation" means putting 20 people in a room and charging $100 each for a few hours.:cool:

And while every product has a life cycle, but there are also ways to monetize them once (anfd if) they stop earning or are eventually freely available.
 
Hi

Yep information producst are the best for passivity.
Consultancy is good if i wanna take the income to the next level and do more work aswell. I figure that i can bring my income up over 100k by doing 2 hours per day consultancy. (leaves plenty of time for golf)

My info products could last along time because the basics havent changed and wont change for some time to come. I have a market niche and the necessary UNIQUE experience to make this a winner - hopefully.

I will keep expanding the offerings aswell. One product cost me zero $ to make and 2 hours of time. I sell it for 20 bucks and sell 2 per week. Pays for petrol! The key is finding a great niche.

I also write a good story which is important. One needs to be able to SELL the product and be believable at the same time.

I also threaten people with bodily harm as a last resort! this works well. (kidding people)
 
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