AJDave

[AJDave]

Up

0

::

Hi Paul,

Thanks for your message, I am with NAB, perhaps I should contact them to see what they might offer me in relation to my problem of multiple bank logins. Maybe they can do something similar.

David.

[AJDave]

Up

0

::

Hi Jason,

Thanks for your reply, yes this is mostly related to administration.

I suppose, I hope that as the businesses expand, I could eventually justify the management to overlook the finance, book keeping and accounting for me.

However as always, great trust is instilled in employees that have access to any financial information and so perhaps I could look into the trust account idea you have suggested, this is not something I am very familiar with however I could talk to an accountant about this.

Thanks for your helpful answer

[AJDave]

Up

0

::

That sounds like a great way to manage multiple entities, I think I will go the same way you have Mischelle, thanks very much for all of your guidance

[AJDave]

Up

0

::

That’s great, thank you very much for looking into that Mischelle. That should make everything simple, does this method allow for three ABN’s and three tax returns? Is that what you do?

Thanks again for that information, very helpful!

David.

[AJDave]

Up

0

::

Thanks James, it’s always good to have some knowledge from those more experienced, thanks again.

Looking forward to your response on my questions Mischelle.

[AJDave]

Up

0

::

Sorry James, to clarify, they are currently all set up as businesses under one ABN. More so at a point if deciding whether I could run them under a company as I have just changed my method of book keeping.

Thanks for your ideas Mischelle, do you run each entity as a PTY LTD COMPANY so you can expand on them if you choose to by adding multiple businesses under them? Also, on a side note, I did contact quickbooks and ask about setting up multiple companies under one single subscription and they unformed me this was not a possibility and I would require separate subscriptions, could you explain how you set up each of your companies using a single subscription on quickbooks online?

Thanks again bb1, keeping everything separate is sounding the easiest way to do this. Perhaps I could consider upgrading my three businesses to three companies and leave everything separate.

[AJDave]

Up

0

::

Thanks bb1 and James

That is a great point, If you don’t mind me asking, do you operate two bank accounts and ABN’s bb1?

This is a good question James, I am unsure of what way I should go, I would guess that if I go with one company, I would do tax, book keeping and banking for all three together, and if I just run three businesses that I am required to separate everything, is this right? Is one option better than the other? It is slightly more expensive to set up the company option but expense isn’t something I’m worried about at the cost of getting this right.

Thanks again for your prompt answers.

[AJDave]

Up

0

::

Some good points, so, as for tax, do most sole traders still do a personal tax and personal book keeping? Is it required or not required by the ato? Thanks.

[AJDave]

Up

0

::

Thanks Michael,

I’m registered as a sole trader. So my business tax would be done with my personal tax under my tax file number?

So splitting expenses would be best done with different bank accounts? If it’s fuel for a work trip, it’s from the business account and if it’s fuel for a personal trip it’s from the personal account. And I do my tax off the business bank account?

[AJDave]

Up

0

::

Thanks everybody for your ideas and input, it means a lot, has anybody had much to do with or knows how google looks at and ranks subdomains? Could this be a possible Avenue for just the different categories of pre built shop items?

[AJDave]

Up

0

::

Thanks Wendy, So would you be thinking of a business name that would consider all of these businesses, one website for it, and have it link to the other services?

[AJDave]

Up

0

::

Thanks MGRik, I looked for this information on the ato website, however Ive found it a very useless website when it comes to finding business related information.

So if I were to set up a business bank account and have less than $75,000 coming in each year, which I do, I shouldn’t be required to pay tax.

Once I hit the 75k mark, I suppose I would be required to pay 10% of my total earnings?

And is PAYG the only or best way to pay tax? Do they supply BAS forms?

[AJDave]

Up

0

::

Thanks for the great answer Roxanne, that really helps! The bonus in selling the items at retail I’d that I’d get paid straight away, unlike selling them wholesale to businesses that probably want 30 day accounts.

I think I’ll go with retail and remove the idea of a wholesale side, thanks for your help!

David.

[AJDave]

Up

0

::

Thanks for your response Roxanne.
Can I ask, as you work in retail, do you sell many items that can also be bought directly online from the same company/individual that sells them to you?

[AJDave]

Up

0

::

Thanks Dave, that’s a good way of looking at it, I need to weight up whether I could sell the product myself on the internet, pay to advertise, perhaps sell less of the product and make more profit. Or, sell it to retailers for less profit, have the advertising mostly done for me by the retailers.

Food for thought, thanks Dave.

[Author]

Posts