Home – New Forums Money matters Some basic tax advice please… Reply To: Some basic tax advice please…

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BruceR
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Hi Amber, you definitely need some professional advice but I will give you some basic principals.

  • If you’re operating a business (not a hobby) you need an ABN
  • If you’re operating as a sole trader, rather than a company, the ABN will be in your name and the profits will be taxable on you as an individual
  • You can register a trading name and link it to your ABN – but if using your own name this isn’t necessary
  • You can apply for an ABN yourself and it doesn’t cost anything http://www.abr.gov.au
  • If your turnover is, or is expected to be, $75k in a 12 month period you must register for GST. Otherwise you may do so voluntarily. Unless you are registered you cannot claim for GST on your expenses

I hope this helps a bit but I can’t urge you enough to find an accountant, and the sooner the better given that you have been in business for almost a year.

All the best
Bruce