Hi, I'm thinking of starting up a small business/hobby selling various baby items. I was thinking of starting through Facebook and the local markets. I've sourced items at wholesale prices from various companies. I'm a little confused about the legal side of things and have a few questions if anyone can help!
Would I need an ABN?
Do I need to register a business name?
Do I need to tell the tax office if I'm not earning that much from it?
Thanks in advance!
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22-03-2012 20:55 #1Junior Member
- Join Date
- Jul 2011
Small business startup help
27-03-2012 23:07 #2Junior Member
- Join Date
- Mar 2012
- Sydney Inner West
Obviously these questions are best answered by an accountant, solicitor, or business adviser, I am not any of these so have to take anything I say with a grain of salt.
The government has a lot of free help for small business / sole traders if you check out their website http://www.smallbiz.nsw.gov.au/Pages/default.aspx they run courses that are often free or very cheap that will help you understand all this and more.
I believe that:
- yes you would need an ABN (very easy to get, can sign up online, takes no time at all);
- no if you are operating as a 'sole trader' (i.e. just you) then you wouldn't need to register a business name, you could trade under your own name. If you wanted to trade under a different name than your own then I think you're meant to register it but could also probably get away with simply listing it as a trading name under your sole trader registration.
- um, I think if your total income is under the taxable income threshold you might not need to tell them how much you're earning, however if you are getting any money from them such as child rebates then you would have to declare it to them
However I don't really "know" so best talk to some people whose job it is to advise on this stuff, like call the tax office and ask them, go down to one of the government's free small business advisory services, etc.
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