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i am after some advice on registering a small business.
i have been doing property maintenance for a couple of years to see if i could get enough work and am now wishing to register a bussiness and do it properly.
what steps do i need to take?
how hard is it?
costs?
what should i look out for?
any other infop and advice.
thANKS BOYS:2tsup:
Carl
I thnk the best you could do is ask your accountant - in Victoria to register a small business using your name I.e. David Evans & Co is easy. to use another name is not so simple.
With GST if you want to do BAS statements and claim gst on your purchases you can or if your income in under $50,000 per year you need an ABN but dont need to register for GST. I would register regardless as you can then claim all gst paid on purchases.
Your accountant should advice you if it is worthwhile because if you continue to have more expences than income - you make a loss every year - the ATO will tell you its a hobby and not a business.
There must be a reasonable chance that you will make a profit otherwise you do all the registration and stuff for nothing.
In short talk to your accountant.
I agree with Calm talk to your accountant
You don't actually register a business only a business name
This may help
http://www.business.gov.au/Business+...iness+name.htm
thanks guys i will contact my accountant soon to arange an apointment i was just want ing advice befor i go as they charge threw the nose i i would like some info to start with
Hi
here is all the info you need to register a business.
http://www.business.vic.gov.au/BUSVI...=PC_50021.html
i did mine in nsw and it was as easy as
1. Choosing a name
2. checking its not registered to someone else by going here;
http://www.abr.business.gov.au/(4in5...qqn)/main.aspx
3. Filling out the application, attending the shopfront and paying my money. You will need your tax file number if you are a sole trader which most small businesses are.
4. Register for GST with the tax office if you think you will bring in over $75k or are going to buy plant or vehicles so you can claim GST credits.
good luck
if you wanna do it properly. Im assuming you will be setting up as sole proprietor and have no employees....this keeps it a bit simpler
1st thing to do is register a business name.Quote:
what steps do i need to take?
To help decide use the ASIC web site to search for available names...ie this search will give you an indication if the business names you are considering are not in use or reseved by someone else.
When you have a name/names picked out have a look at the QLD office of fair trading web site at the registering a business section. There will be a form to fill in....I think you can either post it in or turn up in person, there will be some fee for this....about $120 (last time I regiserted a business).
2nd thing would be...get yourself a ABN and register for GST...check out the ATO web site for that.
3rd go to your bank and open a Bussiness bank account...for this you will need your business registration certificate.
4th Go see someone about insurance.....this will be very important if you ever pick up work for other businesses, they will want to see that you have Public liability coverage. You should have it anyway...these days
5th...you will probably learn more as you go along about what is required in terms of OH and S....ie some people you work for may require you to provide evidence of certain training etc before they will hire you
easy :DQuote:
how hard is it?
Business rego has a fee of around $100.... as i mentionedQuote:
costs?
ABN and GST....free
Bank account....Free
Insurance.....depends on what coverage you get...last policy i had was around $1000 per annum....but that included public liability and covered my tools for theft
If you wanna save some money on accountants....do a Book keeping software course, such as Quick books or MYOB....and do your BAS yourself. Its confusing to start with but if you do have a good acountant they should be happy to help with any questions.Quote:
what should i look out for?
Speak to your accountant about PAYG tax and how much you should set aside to give to the Tax man...this will vary over time. I think the last return i did for my business i was paying about 11%...and i still got some back :D
Then just get your account to do your tax return...this will save you heaps on the amount of tax you will pay....
keep reciepts for any busisiness related expenseQuote:
any other infop and advice.
hope this helps
thanks wil look at all those websites and ahve a good think.
if you dont fancy doing your finances use book keeper. We have one, visits us at home, does all the stuff the accountant wants emails it through to acc and hey presto, big saving in acc fees
bookeeper sounds like a good idea will look into that to
Bear in mind you may still have to register for GST if a monthly earnings is calculated to end up over $50,000 at years end anyway.
Make sure you have some moolah saved up before you set out, for things like setup, tools, advertising, signage, and for quiet times. The 1st couple of years may be tough but work hard and tough it out and you'll be fine
If you are planning to have the turnover then spend the money on good advice. You wont regret it. Structure is very important. Accountants are like tools / cars etc, if you are going to race you need good gear.Quote:
Originally Posted by weisyboy
GST registration is now $75,000 :2tsup: minimum.Quote:
Originally Posted by Planned LScape
When did that happen Dazz?Quote:
Originally Posted by dazzler
When our business was going, I got the accountant to do the tax for the first year, then did it ourselves. I wish we had the internet back then, there is even a program you can download from the tax office to help keep your records, called e-record6. We have started going through the process to start up business again. You really do need to get organised and make sure you keep your records up to date, dont fall behind or it will be a nightmare.
Donna
Quote:
Originally Posted by dazzler
Gst rego, i was just told is calculated on your turnover- not your profit. I got caught with this from last finacial year, now have to do gst.