Home Forums New here? Share your story wholesale blind company. new business, needing taxation advice.

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  • #971022
    the blind man
    Member
    • Total posts: 5

    Hi there, Been Blind retailer/manufacturer in the UK since 1994 and in QLD since Jan 2010.
    I haven’t any experience in what i need to do for tax etc so looking for advice. self employed on ABN and no other employees. had a rough year, july/august was non existant (totally) and had worked for companies while trying to build this business up.

    Things i would like help with and i’ll post basic figures as i have nothing to hide.

    turnover for the whole year has been circa 70k, bank balance is pretty much 2k as i invested a lot of savings (10k) into advertising/car/tools/setup/fuel etc…so what i want to know is what to do or who to go to now to see if i have anything to pay for tax etc ? not taken salary .
    I have a decent contract which is starting to get off the ground now and shoudl make for a decent year in 2011 so not all bad ! :D

    based in Caloundra sunshine coast ! . any help , appreciated !

    #1047353
    Anonymous
    Guest
    • Total posts: 11,465

    Hi there blind man,

    Thanks for joining Flying Solo, and for sharing your questions with us.

    You might find that the bean counters that hang out here on the forum are legally restricted to giving you general advice. Are you open to referrals to suitable accountants?

    All the best to you – great to learn that business is starting to pick up now =)

    Jayne

    #1047354
    the blind man
    Member
    • Total posts: 5

    yeah absolutely. I will need someone to tell me what i can and cant do/pay etc and prepare books.

    #1047355
    The Virtual Financial Controller
    Member
    • Total posts: 2
    the blind man , post: 58075 wrote:
    yeah absolutely. I will need someone to tell me what i can and cant do/pay etc and prepare books.

    Hi Blind Man

    I’d be more than happy to help you out, feel free to call me on 0428 569 581.

    http://www.bendigobusinesssolutions.com.au

    Kind regards

    Suzi

    #1047356
    Farid Zaki
    Member
    • Total posts: 110

    Blind Man – what an excellent business name.

    Will give you general advice, but you need to hire an Accountant to sort out things for you, ofcourse I would love to be that Accountant.

    The financial year is from 1/7 to 30/6 and you need to declare income from all sources, salary + business profit and pay income tax on total income after deductable expenses.

    You also need to allocate GST and income tax and put it aside as you get it so you dont fall behind in your tax liabilities.

    Kind regards

    #1047357
    Wealth Accounting PLUS+++
    Member
    • Total posts: 2

    We can certainly help you out here.

    Hi there Blind Man,
    We can help you with accounting services and hassle free bookkeeping services that will help you keep your tax compliance under control and will also save you time and thereby make you money. We are in Caloundra.
    Please give me a call 1300 734 647 to find out more about how we really do work with you to help you achieve your goals.
    Alternatively have a look at http://www.wealthaccountingplus.com.au.
    Cheers,

    Bevan.

    #1047358
    abacus
    Member
    • Total posts: 174
    the blind man , post: 57983 wrote:
    Hi there, Been Blind retailer/manufacturer in the UK since 1994 and in QLD since Jan 2010.
    I haven’t any experience in what i need to do for tax etc so looking for advice. self employed on ABN and no other employees. had a rough year, july/august was non existant (totally) and had worked for companies while trying to build this business up.

    Things i would like help with and i’ll post basic figures as i have nothing to hide.

    turnover for the whole year has been circa 70k, bank balance is pretty much 2k as i invested a lot of savings (10k) into advertising/car/tools/setup/fuel etc…so what i want to know is what to do or who to go to now to see if i have anything to pay for tax etc ? not taken salary .
    I have a decent contract which is starting to get off the ground now and shoudl make for a decent year in 2011 so not all bad ! :D

    based in Caloundra sunshine coast ! . any help , appreciated !

    Hi Blind Man
    We are in Caloundra too :)

    Give me a call on 0421 574 282 and come around for a cuppa and I can help you through some issues.

    Cheers
    Sue

    #1047359
    beanonlinelately
    Member
    • Total posts: 80

    Hi Blind Man

    As with many businesses out there this year it appears that you have had a tough time of it, this no doubt presents a great opportunity to begin the new year fresh and re-focus on the goals you want to achieve.

    I just googled ‘the blind man caloundra’ and noticed that there was a few search results that came up but nothing that really stamped your authority on the market.

    I have recently revamped my site and business approach based off a week long trip to Fiji and two books that I read based on social media websites and how they can be used for small businesses.

    In terms of advertising and marketing your business, I have a number of clients who use a range of media to advertise and a lot of it is for free such as online directories such as true local, hotfrog etc. These sites give pretty good google rankings, that combined with a decent website can straight away put you ahead of a number of competitors.

    First thing is first, get yourself that accountant that we all need so you can ensure that you are across the financial implications of running your business, and then you can look into the other forms of growing the business.

    Give me a call if you want to have a chat offline, all details are through the website.

    Cheers, Rod.

    #1047360
    n8ores
    Member
    • Total posts: 13

    Hey Blind Man, love the name its awesome!

    Im not an accountant and not financially qualified at all however ive been running my own business for a while now and will throw down some info you may find helpful on a conceptual level.

    1) You say you have an ABN, im guessing you are registered as a sole trader and not as a PTY LTD company?

    2) Are you registered for GST? GST is compulsory if your company turnover is greater than $75K (i think is the figure) otherwise its not.

    If you are a PTY LTD company with ABN
    The company is treated as a separate entity to you as the indivdual.

    1) You must pay company tax which is charged at 30% on all company profit. Profit is obviously income – business expenses.

    2) If your company is registered for GST you must pay your GST obligation, not all companies are registered for GST it is compulsory only for companies turning over more than $75K/Annum (I think thats the figure anyway).

    Now if you are a director of that company and the company pays you money you must count this money as personal income (and thus pay tax on it in your personal income tax return).

    If you are a Sole Trader
    Dont quote me on this as its been a long time since i had a sole trader, but i believe your income tax etc is handled as part of your personal income tax return. Additionally, you personally are directly liable for any costs your business incurs (unlike in a PTY LTD company).

    1) You will have to treat any income generated as personal income and you will be taxed accordingly.

    2) You may or may not have to pay GST (depends if your registered) this just means you must pay the government back all the 10% charges you passed on to customers as GST. This is done during quarterly BAS statements i believe.

    Kind Regards,

    Nathan Parrott

    #1047361
    the blind man
    Member
    • Total posts: 5
    abacus, post: 58915 wrote:
    Hi Blind Man
    We are in Caloundra too :)

    Give me a call on 0421 574 282 and come around for a cuppa and I can help you through some issues.

    Cheers
    Sue

    Hi Sue, you have a deal ! :D

    may even have business to put your way ! :)

    company name is wholesale blind company. user name is blnd man :D

    as for the help, much appreciated.

    abn, yes
    sole trader and one man outfit.
    only kissed the 75k this year and i reckon 30k out of pocket ! :(
    dont know how to go about gst registration etc but i could do with a new van and new contracts mean i need to smarten up the appearance a bit ! 2011 should be much better, Sue, I’ll be in touch ! :)

    #1047362
    abacus
    Member
    • Total posts: 174

    Hey there :)
    Please do give me a ring :)
    We are not doing anything much until the 10th :)
    So Iam happy to have a chat

    Hubby and I are always happy to help and meet new people in the industry

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