New to locuming world– need advice

[Gnewbie]

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Hi,

I am a GP who is planning to do some locum work for the first time. I was told I need to apply for an abn. I am getting conflicting advices in terms of getting an abn as some people have advised me to get a personal abn, whilst others are telling me to apply for business abn. I am thinking to do locuming for about 2 years (but at least a year for sure) then will see how I go. Also do I need to apply for GST given I still don’t know how much I will be earning as a locum? How much cost am I looking at to apply for either a personal or business abn (plus setting up a business name etc that goes with a business abn)? I wanted to ask my accountant but he is difficult to reach. Would appreciate advice regarding this. Would also appreciate it if I could get recommendations for an accountant in Melbourne area.

[MissSassy]

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I can recommend an accountant – Based in Sydney. http://www.irinahollander.com.au

You really should speak with an accountant as they can assess your financial situation as a whole.

It costs nothing to apply for an ABN and if you are looking to register a business name then it is $33 for one year and $77 for 3. All very inexpensive.

[Burgo]

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Gnewbie, post: 187960 wrote:

Hi,

I am a GP who is planning to do some locum work for the first time. I was told I need to apply for an abn. I am getting conflicting advices in terms of getting an abn as some people have advised me to get a personal abn, whilst others are telling me to apply for business abn. I am thinking to do locuming for about 2 years (but at least a year for sure) then will see how I go. Also do I need to apply for GST given I still don’t know how much I will be earning as a locum? How much cost am I looking at to apply for either a personal or business abn (plus setting up a business name etc that goes with a business abn)? I wanted to ask my accountant but he is difficult to reach. Would appreciate advice regarding this. Would also appreciate it if I could get recommendations for an accountant in Melbourne area.

You may find a personal ABN will suffice, the business ABN is primarily for Pty Ltd companies and from what I understand Locum is like a sub contractor, so unless your going to earn mega bucks and have massive business expenses then personal ABN will see you through.

[Simply Money Honey]

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Hi Gnewbie

Yes you definitely need an ABN and they are free. You can apply for the ABN using the link below:

https://abr.gov.au/For-Business,-Super-funds—Charities/Applying-for-an-ABN/

Your question about personal or business ABN is really about which structure you should operate from. If you are going to operate as a sole trader you would apply for the ABN in your own name and would pay taxes etc using your personal tax file number. If you are going to operate via another entity such as a company or trust then you would apply for the ABN in the name of the entity that you will be operating from. The ABN is free but if will cost you to set up a company for example and then you will have ongoing costs for preparing the company’s accounts and tax return in addition to your own.

You will need to register for GST if you are going to earn greater than $75,000 per annum.

I am an accountant based in Sydney but I offers consultations via Skype so I deal with clients all over Australia. If you are interested in more information you can check out my website http://www.simplymoneyhoney.com

Cheers

Gabrielle

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