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  • #988984
    turbof30
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    ABN, business names

    Hi everyone,

    I am in the process of starting a side business in mobile app development. With the product/s still in the design stage, I don’t anticipate generating any income for a few months yet.

    However, I would really like to register the business name, logo and some trademarks, for which I need an ABN.

    I also need to purchase some equipment, which I would hope to claim deductions for once income begins to trickle through.

    In the meantime, with an ABN, will I need to lodge a regular BAS, or do I wait until the business generates revenue?

    #1169913
    ShellysBookkeeping
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    Hi Turbo,
    Assuming you intend to operate as a sole trader, then I suggest you apply for an ABN and register your business name. You don’t need to lodge BAS unless you also register for GST. Your business income is then reported annually with your tax return along with business expenses. It would be best if you spoke with your accountant about taxation and what you can claim.

    Cheers Shelly

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