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  • #987796
    marketman
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    Wow this forum is amazing wealth of knowledge and after discovering it this morning I decided to sign up and get involved.

    First question is about Tax, which seems like a rocket scientist degree is needed lol!

    I have been selling on Facebook, Gold Coast markets, ebay, gumtree since last October 2013 as a part time income to make ends meet. As it’s turn out it has done extremely well and now I have gone full time from February this year. The products are PC supplies, dooner covers to hats to clothing and everything in between.

    I have set up a company pty ltd and also have the abn which is under the company. I have just passed the $55k mark and selling daily with the weekend markets main focus. Tax time is coming and I really need to get sorted ASAP! I have transaction records through CBA as I use the mobile eptos machine for convince to customers, so have records of purchases.

    What’s the next step? Do I do a tax return under the abn? What documents are needed? I have appt with accountant next Thursday but I’d love to hear some advice from people who have been in this position, because Thursday seems so far and want to be prepared.

    Thanks :-)

    #1164375
    Anonymous
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    • Total posts: 11,464
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    Hi marketman,

    Thanks for your kind feedback on Flying Solo – you’ve made our day :)

    I’m not the right person to help with your tax questions, but did want to welcome you to the forum and wish you the best of luck as you take your business to the next step.

    Fingers crossed some of our tax experts will pop in with some answers for you soon.

    Nice to meet you,
    Jayne

    #1164376
    James Millar
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    • Total posts: 1,739
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    marketman, post: 190180 wrote:
    Wow this forum is amazing wealth of knowledge and after discovering it this morning I decided to sign up and get involved.

    First question is about Tax, which seems like a rocket scientist degree is needed lol!

    I have been selling on Facebook, Gold Coast markets, ebay, gumtree since last October 2013 as a part time income to make ends meet. As it’s turn out it has done extremely well and now I have gone full time from February this year. The products are PC supplies, dooner covers to hats to clothing and everything in between.

    I have set up a company pty ltd and also have the abn which is under the company. I have just passed the $55k mark and selling daily with the weekend markets main focus. Tax time is coming and I really need to get sorted ASAP! I have transaction records through CBA as I use the mobile eptos machine for convince to customers, so have records of purchases.

    What’s the next step? Do I do a tax return under the abn? What documents are needed? I have appt with accountant next Thursday but I’d love to hear some advice from people who have been in this position, because Thursday seems so far and want to be prepared.

    Thanks :-)

    As an accountant these are the questions I have for you?

    1. What was your motivation in starting a company and who did it for you?
    2. What is your understanding of your current company tax reporting obligations?
    3. What is your expectation in terms of the cost of having an accountant handle this for you each year?

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1164377
    Bronwyn Baird
    Member
    • Total posts: 11
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    marketman, post: 190180 wrote:
    Wow this forum is amazing wealth of knowledge and after discovering it this morning I decided to sign up and get involved.

    First question is about Tax, which seems like a rocket scientist degree is needed lol!

    I have been selling on Facebook, Gold Coast markets, ebay, gumtree since last October 2013 as a part time income to make ends meet. As it’s turn out it has done extremely well and now I have gone full time from February this year. The products are PC supplies, dooner covers to hats to clothing and everything in between.

    I have set up a company pty ltd and also have the abn which is under the company. I have just passed the $55k mark and selling daily with the weekend markets main focus. Tax time is coming and I really need to get sorted ASAP! I have transaction records through CBA as I use the mobile eptos machine for convince to customers, so have records of purchases.

    What’s the next step? Do I do a tax return under the abn? What documents are needed? I have appt with accountant next Thursday but I’d love to hear some advice from people who have been in this position, because Thursday seems so far and want to be prepared.

    Thanks :-)

    Hi Marketman

    Sounds like you have a strong business that is building. If this is your passion to continue then I would talk to your accountant about the following:

    1. Business plan – even just a snapshot one so that you have goals and a vision for the future. You have done well without one, however this can loose momentum if you don’t re-assess each 12-18 months.
    2. Budgt/cashflow – as you grow you will find more strain on cashflow and planning and therefore budget and cashflow can assist with this an allow you to grow confidently, knowing you have a plan.
    3. Accounting software – you dont want to spend you energy on a manual system – there are so many programs now that allow auto download from bank statements that your accounts should only take a small amount of time each month/week and still provide you accurate information. Also check that the software you choose is suitable for your business – not just what the accountant uses as. You will be using it everyday, vs the tax accountants – 1 – 4 times a year.
    4. I always recommend that you have a good fit your accountant – do you feel comfortable with them. Be sure to interview them so you can be sure they understand your business and your needs.

    Hope this helps you – good luck

    thanks

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