Home – New Forums Starting your journey Starting my business – June Vs July 2014

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  • #987674
    Talz
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    Hi there. My name is Talia and I’m very new to Flying Solo – 4 minutes in to be exact!
    I am about to launch into a new business from home – Family Day Care. I have seen an accountant and talked to several friends who are accountants but have been getting conflicting information. I was planning to start my business on June 2 (just over a month away). Some friends suggest starting in July due to tax time. I don’t plan to claim GST initially so won’t be doing BAS. What are the pros or cons to holding fire until June 1? I am keen to get things going.
    Does anyone have any advice?? Any help would be greatly appreciated :)
    Talz

    #1163763
    Anonymous
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    Hi there Talia,

    Welcome aboard. :)

    We have some very experienced accountants and bookkeepers around here, so I hope you receive the info you need quickly.

    Good luck with the new business,
    Jayne

    #1163764
    Tony Manto
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    Hi Talia, congratulations on taking that first step. There is no reason you can’t start today if you like, except make sure you have everything in order before you do. Child care has stricken rules and regulations you need to meet. Make sure you have all your processes in place. Create a check list and check it twice. Don’t rush it… Get it right…

    #1163765
    James Millar
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    Talz, post: 189581 wrote:
    Hi there. My name is Talia and I’m very new to Flying Solo – 4 minutes in to be exact!
    I am about to launch into a new business from home – Family Day Care. I have seen an accountant and talked to several friends who are accountants but have been getting conflicting information. I was planning to start my business on June 2 (just over a month away). Some friends suggest starting in July due to tax time. I don’t plan to claim GST initially so won’t be doing BAS. What are the pros or cons to holding fire until June 1? I am keen to get things going.
    Does anyone have any advice?? Any help would be greatly appreciated :)
    Talz

    I suggest that you ask this question in about 10 days time after the Federal Budget. There are typically changes to small business taxation, sometimes concessions sometimes not. We tend to push forward or pull back accordingly.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1163766
    MissSassy
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    Hi Talz

    Stick to your start date – in the scheme of things it really makes no difference at all, just a little paperwork.

    Family Day care is through your local council, so I am sure that you have looked into the requirements.

    Best wishes getting started

    #1163767
    Bronwyn Baird
    Member
    • Total posts: 11
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    Hi Talia

    There is no reason to hold off starting when you are ready to go. The only reason you may have been advised to wait until July is because that is when the new financial year commences. Instead of 2 returns you would only need to lodge one.

    To explain further, if you started in June it would mean that you would have to prepare financials and lodge a tax return for the days you worked in June – particial financial year, and then at the end of the full financial year in June 2015.

    It is totally up to you and I agree with Tony, ensure you have all your ducks in a row before commencing.

    James mentioned the budget – there may be some funding for small businesses to assist. Something to watch out for.

    thanks

    #1163768
    Talz
    Member
    • Total posts: 2
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    Tony Manto, post: 189608 wrote:
    Hi Talia, congratulations on taking that first step. There is no reason you can’t start today if you like, except make sure you have everything in order before you do. Child care has stricken rules and regulations you need to meet. Make sure you have all your processes in place. Create a check list and check it twice. Don’t rush it… Get it right…

    Apologies for the delay in getting back to you Tony. Thanks for your advice :)

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