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  • #987932
    andrewbaker
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    • Total posts: 3
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    Hello community,

    Recently I’ve been planning on starting an online business.
    Essentially I plan on creating a small server hosting company (or something along the lines of that).
    The server will be based in America and customers from all over the world will be able to purchase this. So I may be selling website hosting or something like that.
    I’ve scoured the ATO in search for answers to my questions but I couldn’t find anything about what I was looking for so If any of you know the answers to my questions I’d appreciate your input.
    Here are a few questions I have that I could not find answers to:
    1.I’m under 18, would that make a difference to the tax regulations of an online business?
    2. What kind of business to I need to register?
    3. Do I still have to pay tax if I’m not making more than the threshold for someone under the age of 18?
    4. If I am doing this by myself however am not using my name in the domain name will I still be classified a sole trader?
    5. What kind of records would I have to keep and in what form?
    6. If I do fall under tax regulations should I or could I charge GST along with purchases?
    I know there could be some snarly comments as I am under 18 and it may seem a little far fetched for someone under 18 to be starting some form of any business. However please note that your answers will assist me greatly and I will be very appreciative. I will do plenty of research before I commence this business and make sure it meets the law before I begin.
    Thanks for your input!

    #1164885
    MatthewKeath
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    Awesome to be starting your own business. I can’t answer your questions, but I am sure there is not restrictions to starting your own business under the age of 18.

    I would like to ask you a a question. Hosting is one of the most competitive industry you can find.

    Where do you fit it? Is it your technical skill, or are you a marketing whizz kid?

    #1164886
    andrewbaker
    Member
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    MatthewKeath, post: 190831 wrote:
    Awesome to be starting your own business. I can’t answer your questions, but I am sure there is not restrictions to starting your own business under the age of 18.

    I would like to ask you a a question. Hosting is one of the most competitive industry you can find.

    Where do you fit it? Is it your technical skill, or are you a marketing whizz kid?

    We’ll in the past I did work with a hosting company and I did a lot of their marketing and managed the technical side. I am quite sure, without being too cocky that I will succeed in this on my own. I’d like to do this more for the benefit of learning and business management, the money will be a small bonus of which I’ll put towards something to benefit me,

    #1164887
    MatthewKeath
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    andrewbaker, post: 190834 wrote:
    We’ll in the past I did work with a hosting company and I did a lot of their marketing and managed the technical side. I am quite sure, without being too cocky that I will succeed in this on my own. I’d like to do this more for the benefit of learning and business management, the money will be a small bonus of which I’ll put towards something to benefit me,The confidence of youth is awesome to see.

    What type of hosting are you planning to offer? I feel the hosting industry is pretty saturated right now – more people are moving towards hosted solutions as the industry matures. A niche or special area you focus on might get quick runs on the board.

    #1164888
    Dave Gillen – Former FS Concierge
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    Hi Andrew,

    Great to see you taking on the challenge of starting your own business, and we’re really glad to have you join the forums. So welcome!

    Hopefully you’ll have some expert advice come your way.

    Regarding Q4, you can use a domain name (e.g. http://www.rockstarhosting.com), register a similar business name (Rockstar Hosting), and still be a sole trader.

    Q5. Keep it simple at the start. Keep a record (simple excel spreadsheet) of all business-related purchases (and possibly all income/sales if not handled by other software). Date, item, amount, name, category. And keep all receipts or invoices.

    Good luck!

    Dave

    #1164889
    MissSassy
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    • Total posts: 1,255
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    Hi Andrew

    Congrats on your business idea – you need to speak to an accountant regarding all the structures of setting up your business. Perhaps you have a family accountant or there are plenty to choose from here on Flying Solo.
    I recommend http://www.irinahollander.com.au as she is a small business specialist.

    Get yourself some business advice too before you get started just to make sure you are on the right track.

    #1164890
    andrewbaker
    Member
    • Total posts: 3
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    FS Forum Support, post: 190867 wrote:
    Hi Andrew,

    Great to see you taking on the challenge of starting your own business, and we’re really glad to have you join the forums. So welcome!

    Hopefully you’ll have some expert advice come your way.

    Regarding Q4, you can use a domain name (e.g. http://www.rockstarhosting.com), register a similar business name (Rockstar Hosting), and still be a sole trader.

    Q5. Keep it simple at the start. Keep a record (simple excel spreadsheet) of all business-related purchases (and possibly all income/sales if not handled by other software). Date, item, amount, name, category. And keep all receipts or invoices.

    Good luck!

    Dave
    Thanks!

    #1164891
    GlassHalfFull
    Member
    • Total posts: 17
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    Just wanted to say good luck!
    I’m also starting up a business, and I’m 21.

    Lil.

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