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Nathan Williams, post: 121999 wrote:
Hi all,

It has been a while since I was last here, and life has until now gotten in the way of my plans.

I am planning on starting an online business selling hobby electronics kits and supplies.
I have worked out my finances, but I just need some guidance / reassurance that I am on the right path in terms of paperwork / registration etc.

It is just me, and I am only selling over the internet.
For the business structure I am planning on running the business as a sole trader.

I know I need to get an ABN (even though I don’t expect to make enough to register for GST for a while).
I also need to register a business name, as I won’t be simply using my name.

Do I need to do anything to register as a sole trader, or is the ABN & business name enough?
Do I just handle taxes as a personal tax return, counting it as income?

What about importing?
I will be buying supplies from both China & the US, but I don’t expect any single shipment to come close to $1000 yet, but if I make many small purchases over time, at some point does it start to count anyway (in terms of paying GST or import duties)?

What about selling internationally?
I live in NSW, but I plan to sell around the country and around the world, do I have to worry about anything beyond just posting out the product? (customs forms, taxes etc?)

Is there anything I am missing?
I will be starting this journey in March if that matters to anything.

Thanks :)

lots of questions..
1. ABN and GST are two separate issues. you dont HAVE to register for gst unless your business income exceeds 75k ? not sure but it was 50K when I registered.

2. business name is enough and you can get away with a standard tax return. You might consider some insurance.

3. you have to pay gst on what you pay for from australian companies. what i mean by that is if you use tnt australia for your freight you will pay them gst but it wont be included in your 1k customs limit. If you pay the supplier the frieht it does but you dont pay gst. when you begin formal customs declarations you will then begin to pay import duties. usually 5% – good idea to check if there is an excemption already in place for your category.

4. when you export it is gst exempt so you do not include gst. – but if your not gst registered you should not be adding it anyway. You can also claim back the duties paid on the goods imported if you export them. You will have to sign declarations on goods exported. The country and carrier both want to know what your sending.

yes march means you have loads of time to get all your information sorted.
good luck and have fun.