Jump to content

Starting a small home business


  • Please log in to reply
1 reply to this topic

#1 maybeonemore

Posted 05 December 2012 - 10:19 AM

Hi All

My husband wants to start a small home business (as well as working fulltime elsewhere) and wants to know the ins and outs of reporting to ATO etc.

He has just come up with a new idea and has patent that idea and had the product made but need to know if there is someone we can speak to about the financial side of things. Would an accountant know? What sort of person do we need to speak too?

#2 PrincessPeach

Posted 05 December 2012 - 10:48 AM

Your accountant should be able to help but the basics:

To start with he needs to register for an ABN.

You do that through www.abr.business.gov.au - it's free & as long as you provide your Tax File Number you should get one straight away.

Then just keep a tally of all his income & expenses - manual books are just as good as the expensive accounting programs & even excel is a great program.

You don't need to register for GST until your income goes over $75,000 & if possible stay out of the GST system to begin with. It will give you time to get your head around the basic paperwork you have to keep.

The income & expenses are all reported in his Individual tax return for the year. Generally any losses cannot be offset agains this salary & wage income though.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 
  • ek-comp-springfree

    Win a Springfree Trampoline!

    Click now for your chance to WIN a Springfree Trampoline (R54 Compact Round) plus Australia-wide delivery ? valued up to $1774!

  • <i></i>

    How dogs could make children better readers

    Issues around children learning to read are rarely out of the news. Which is hardly surprising – becoming a successful reader is of paramount importance in improving a child's life chances. Nor is it surprising that reading creates a virtuous circle: the more you read the better you become. But what may come as a surprise is that reading to dogs is gaining popularity as a way of addressing concerns about children's reading.

  • <i></i>

    Mum's warning about 'creeps' on popular teen app

    Just when you thought it was totally safe to let your kids on social media (just kidding, nobody really thinks that), here comes another warning of ways creeps will try to contact our kids.

  • <i></i>

    Let preschoolers invent their own spelling, experts say

    Find out how to help your child in the light of the new findings.

  • <p>

    Do your kids get too many presents? There's an app for that

    Three out of four Australians believe they are overspending on their kids by hundreds of dollars each month. And then there's the gifts.

 
Advertisement
 

Top 5 Viewed Articles

 
Advertisement
 
 
 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.