Home – New Forums Starting your journey Benefits of the Legal aspects of the businesses

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  • #967087
    kalmen
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    Would I benefit from the legal stuff in my case?

    Hi,

    I’m a full time employee, and I’m working on building on online resource in my spare time for parents who want to teach their children multiple languages based on a method I use with my own children and from my research.

    At a later stage, I also intend to provide products for sale that assist parents with this.

    The part that I need help with: what are the benefits of the legal aspects like registering an ABN and a business name? Are there any tax benefits for this? because I will be buying a lot of books, hosting a website, dedicating a room in my house for this work (which is really a passion), knowing fully that I won’t be generating any income from this in a least a year…

    My experience in this matter is almost zero, so, any advice, links to articles, more information would be appreciated.

    Cheers,
    Mohammad

    #1023313
    CruzAccountant
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    generally, you can’t make claims if you don’t have income. Your loss will be carried forward until such time that you do.

    Generally.

    #1023314
    kalmen
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    Thanks for that information. I also asked around and realized that the tax work is also a little costy, so I guess it will only be worth it when income starts to kick in.

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