Home – New Forums Money matters Going it alone….

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  • #982194
    deltrum
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    • Total posts: 5
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    Hi,

    I am employed full time. I am a Chartered Professional and am able to undertake services in my spare time.

    I am considering starting a business however, feel that an incorporated company may be too much given the volume of turnover I am expecting.

    I know I should seek professional advice however, I wanted to see what people would recommend in this scenario.

    The business would have the potential to grow and hence, I would then have to make a decision regarding my employment.

    I am thinking of just registering a business to get an ABN then see how it grows. If I adopt this method, am I free to incorporate at a later date ?

    #1135504
    sam_leader
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    • Total posts: 660
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    Hi Deltrum,

    Welcome to the Flying Solo forums, I see you’ve authored a few posts already which is good to see.

    With regards your question here, I think it’s best I move it to the ‘money matters’ section as readers of that will be more likely to help.

    Please feel free to add a post signature so we can find out more about you.
    You can add/edit these details in thecontrol panel

    Enjoy your time on Flying Solo!

    Sam

    #1135505
    deltrum
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    Hi,

    Many thanks. I haven’t formed a business as yet and hence, I am in planning phase. I would have thought the “Starting a Business” forum would have been more appropriate ?

    Anyway, thanks.

    #1135506
    al.giffard
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    Hi there deltrum,

    Getting your structure right from the start is really important, so I’m glad to hear you’ll be seeking advice specific to your situation (a discussion is always more fruitful than advice in a forum).

    If you’ll be very small scale, operating as a small trader and getting an ABN in your own name is a reasonable approach. It keeps the costs lower, which is useful while you don’t have much income. It also sounds like the personal services income rules might apply to your type of work, in which case the tax benefits of any other structure might be limited. You can familiarize yourself with the rules here: http://www.ato.gov.au/businesses/pathway.aspx?sid=42&pc=001/003/092

    There are of course other considerations though, like the cost of changing your structure if the business does grow or circumstances change, and the need for asset protection (which might depend on the type of job you have). This is why specific advice is important.

    Hope that helps,

    Al

    Disclaimer: this is general only and isn’t specific advice.

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