So far so good. The names I’ve chosen for the business and the domain name for the website are available. Woo hoo! But as I was about to register, the domain name sellers asked me for my ABN (Australian Business Number). No worries. I have one from when I worked as a contractor. I’ll just go to the ABN lookup and get the number from there. But guess what?! I’ve forgotten that I have cancelled it last year! What was I thinking?? Long story short, I got my ABN back. Phew! I only had to wait two weeks for them to reissue the same number.
I’m registering the business as a sole trader for the main reason that it’s simple and cheap. Of course the disadvantage to that is I get taxed on all business income and my personal assets can be at risk in the event of business failure. However, business success is what I want and at this stage it is still a small venture for it to become a company. But maybe not. I have checked and it will cost around AU$450 for a Do-It-Yourself company registration. I could get an accountant to do it for me but that would cost around $1500-$2000. That seems a lot so I think I will leave the business as a sole trader for now.
As for the Goods and Services Tax (GST), well I won’t be registering or collecting this as the business will have a turnover of less than $75,000. The GST is 10% of the product’s retail price, which is added to the sale price. So lucky for you I won’t be collecting this from the sale of Bibbi K products.
That’s it for today. I’m going to be busy designing in the next few weeks (or even months!) so I might be quiet for a while…but then again maybe not. I might have something to say or show you next week.
Sige na and thanks for stopping by!