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Research/Information RE: Small Business

Posted by Hanna B.

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Remote

Due date
Friday, 10th May 2013
Details
I currently do a small amount of graphic design work alongside my studies, and am looking to form a small business. However I'm honestly totally lost and don't have the time to search websites for everything I need.

I need someone to tell me:

- Pros and cons of having an ABN as opposed to cash-in-hand (other than legality)
- Costs & processes involved with getting an ABN.
- How to do tax for small business and ensure I'm charging clients the right amount of tax.
- Financially, is there a reason I can't use my personal bank account? What's the best way to manage finances?
- Anything else I need to consider.

At the moment I'm just getting cash in hand and would like something much more legit. I'll need whoever is providing the information to provide current government websites or documents as references.

If you imagine this will take much longer than an hour, please bid higher.

Thanks!

(I'm in NSW if it matters.)
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Hanna B. left a review for Samantha N.
“Samantha was perfect. Gave me everything I needed to know. Quick and clear communication. Can't recommend her more!”
Samantha N. left a review for Hanna B.
“Easy to work for. Clear on what information she was asking for and made the job easy to complete.”
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Samantha N.
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8 comments about this Task
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Hanna B.poster
Sounds perfect!
I just started up as a sole trader as my second income to supplement my income. I earn under $50,000 as a sole trader (which requires ABN) but don't intend on hiring office space or anything like that but am currently renting so might be able to offer some basic advice.
Hanna B.poster
Hey Samantha, it'll definitely be less than $50000. I may be working from home but I'm looking into an office space in return for work situation. What sort of experience do you have with this stuff?
It depends how small a business you are, whether working from home or if you have a shop front. It also depends on how much you are expecting to make. If your expected income is less than $50,000 per year, I would run things a lot differently than if I was expecting more.
Each state has government websites to help small businesses. It should answer most of your questions.


If you still have questions ask a
Accountant who specialises in small business like (Jenny T.).
Hope that helps.
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