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  • #978951
    Jennytranslator
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    Hi everyone,

    I am about to start working as a freelance translator and I am a little bit confused about the accounting side of it.

    I am from France so not really familiar with the Australian tax system. I have had a look at the ATO website which is full of information but doesn’t really answer my questions.

    I am about to get an ABN but after that, when should I declare my revenue? How do I do it? Do I need to fill in an income declaration even if I’m not getting any income (I was told I need to but can’t find any info about it).

    Do I really need an accounting software?

    Would it be worth it to go and talk to an advisor at the tax office?

    I have started working on my website as well and then planning to contact agencies when it is ready.

    Thanks a lot for your help!

    #1110973
    Jodie McLeod
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    Hi Jenny,

    Welcome to the Flying Solo forums!

    I am no tax agent, but I can point you in the direction of some information that may help. This thread on our forum discusses how the ATO can help new businesses with a free, no strings attached, “tax assistance visit”.

    Once you’ve sorted the basics, you might be interested in our section of articles on business tax tips.

    I’m sure our accountant members will be offering you some more advice on this thread shortly!

    Best of luck,

    Jodie

    #1110974
    Past-Member
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    Welcome to FS and to Australia. :)

    Congrats on taking the initiative and getting your ABN already. Our financial tax year is from July to June. So you have just begun a new financial year.

    I would encourage you to read the thread that Jodie has suggested. It would be good to talk to someone at the ATO – I have found that they are very helpful.

    Accounting software will make keeping records much easier for you – and the sooner you start, the better. There are also a few cloud based ones that some of the members here use like Xero http://www.xero.com/ which would be good for you or Nominal http://www.nominal.com.au/ – or more elaborate needs MYOB http://www.myob.com.au/ (more expensive) – both online or offline versions for PC or Mac. There are others as well.

    The best advice is to start of properly from the beginning so that tax time will not be a headache.

    All the best with your business.
    – Karen C.

    #1110975
    ntgd
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    Hi Jenny,

    Since you are from overseas and claimed to be not familiar with the Australian tax system I would suggest you to find yourself an accountant for assistance for now and your future business affairs.

    You mentioned you are about to get an ABN, you will also need to consider do you need to register for GST or not. This will have an impact on how you report your business income and expenses to the tax office.

    As for accounting software, it’s a good idea, as you grow your business there will be more transactions and you should always get your compliance and paperwork side sorted to avoid any unnecessary problem later on, but for now if you can be organise and file all your documentation properly, you probably can manage your bookkeeping side on you own for the time being.

    If you need more help I am happy to assist, just send me a message.

    All the best for your business.

    #1110976
    kathiemt
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    Hi Jenny, and welcome. Yes, you definitely need to make contact with an Accountant for advice that is right for your situation. You’ll find a number listed here on the Flying Solo site but you will probably also find some listed with your local council as well. And keep reading here as you’ll learn heaps too.

    #1110977
    Zava Design
    Participant
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    I’ll mostly reiterate what the above members have said. But when talking with an accountant I may also try to find out information about having a registered business overseas, rather than in Australia. That way you may (and I only say “may”, I’m not an accountant) be able to pay less tax on any income you may make from outside Australia, if that is relevant for you. It will also depend on where you reside …etc too.

    Good luck!

    Cheers.

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