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  • #988130
    Sparky1981
    Member
    • Total posts: 1
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    Hi!
    Be nice, first time ive posted on a forum.
    Im a licenced electrician with a full time job who has recently started doing my own work on houses on days off and weekends (wedding coming up need to earn extra $$$)
    Im trying to get my head around what i need to do to set up a business.
    It will at this stage be just myself, i need to know what i need to do to set up a company (if thats best option rather than sole trader), im more thinking if domestic work takes off and full time job looks grim i have the option to work for myself and have it all set up if full time job goes bad, or if house work gets busy enough to take on rather than other job.
    How to i set up a company? What type of insurance should i get for a one man electrician company? How much do i need to earn before i look at tax options e.g buy a company car?
    any help anyone can give me would be much appreciated

    #1165777
    The Hobbit
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    • Total posts: 309
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    You don’t really need to establish a company to begin with, you can just be a sole trader (costs nothing). Register a business name, get an ABN, register for GST; you can do it all on-line.
    Doing GST returns (BAS) really doesn’t take much time, register for monthly returns to avoid the GST debt building up. Registering for GST will enable you to purchase your start-up equipment and supplies ‘free’ of GST.
    Find yourself an accountant, plenty on this forum. You should focus on making money rather than worrying about tax issues. Paying tax means you’re making profits, once you are making good profits your accountant will be able to guide you through the tax maze. For insurance you probably only need public liability at this stage but there are plenty of insurance experts on this forum.
    Good Luck!

    #1165778
    MissSassy
    Member
    • Total posts: 1,255
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    Agreed – find yourself a good accountant and most of your questions above will be answered.

    Next the focus needs to be on gaining customers – much harder than finding an accountant. :)

    #1165779
    Anonymous
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    • Total posts: 11,464
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    Hi Sparky and welcome,

    Congratulations on the upcoming wedding.

    As others have suggested, your first port of call should probably be an accountant who can help you determine the best business structure for your personal circumstances.

    Good luck :)
    Jayne

    #1165780
    jordanwhittaker
    Member
    • Total posts: 13
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    Im a carpenter myself but I have just been contracted as a foreman, If you are in Sydney I may be able to help you out with a few contacts to get the ball rolling.

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