Setting up a new company
Jan 9th 2007, 5:11 am
#1
A former regular of BE
Thread Starter
Joined: Oct 2004
Location: Carramar, Perth
Posts: 6,241
Setting up a new company
I think I have found myself a job but having found it myself there is no agency to take care of payroll and as it is short-term initially I will not become an employee so setting myself up as a company / sole-trader seems likely.
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Jan 9th 2007, 5:31 am
#2
Gutter Gob!!
Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: Setting up a new company
I think I have found myself a job but having found it myself there is no agency to take care of payroll and as it is short-term initially I will not become an employee so setting myself up as a company / sole-trader seems likely.
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Jan 9th 2007, 5:32 am
#3
BE Forum Addict
Joined: May 2005
Location: Bunbury WA
Posts: 1,844
Re: Setting up a new company
I think I have found myself a job but having found it myself there is no agency to take care of payroll and as it is short-term initially I will not become an employee so setting myself up as a company / sole-trader seems likely.
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Thanks, Denise
Jan 9th 2007, 6:37 am
#4
Just Joined
Joined: Sep 2003
Posts: 13
Re: Setting up a new company
for registering the company log on to http://www.business.gov.au/Business+...iness+name.htm
it will cost you around $A75 and will take 10/15 minutes, you will need ABN no. for that, if you don't have one you can register online for that too.
Registering for GST is not compulsory till your income is $50,000 p/a plus
You have to file your tax returns in June-Oct and you need to regularly do book keeping so that your accountant can file easily for you. best of luck..
if anyone feels any different, then this please guide...
it will cost you around $A75 and will take 10/15 minutes, you will need ABN no. for that, if you don't have one you can register online for that too.
Registering for GST is not compulsory till your income is $50,000 p/a plus
You have to file your tax returns in June-Oct and you need to regularly do book keeping so that your accountant can file easily for you. best of luck..
if anyone feels any different, then this please guide...
Jan 9th 2007, 7:02 am
#5
BE Forum Addict
Joined: Oct 2005
Location: Perth
Posts: 3,453
Re: Setting up a new company
I think I have found myself a job but having found it myself there is no agency to take care of payroll and as it is short-term initially I will not become an employee so setting myself up as a company / sole-trader seems likely.
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
We used a good company called Incorporate (check out the web) who basically registered and set up the business - they then supply everything letterheads, list of directors etc on a file vie e-mail. I would recommend them.
Annual fees - we've just paid ours - $215. No idea about auditing - we sailed through the end of tax year (30th June) without any problems - get yourself an accountant who is well established and who the ATO trust. Then there seem to be few problems.
Jan 9th 2007, 7:04 am
#6
BE Enthusiast
Joined: Jul 2005
Posts: 936
Re: Setting up a new company
I think I have found myself a job but having found it myself there is no agency to take care of payroll and as it is short-term initially I will not become an employee so setting myself up as a company / sole-trader seems likely.
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Has anyone done this and can offer advice?
I am unlikely to work for anyone else at the same time so am wary about tax rules treating me like an employee.
Do I have to charge GST and do GST returns?
What does it typically cost to set up and what are the annual fees for registration / tax& audit etc?
Better still, can anyone recommend a company north of Perth that can help with this sort of thing?
Are you thinking of the regulations on personal services income? I have this problem as I work solely for one client and can't employ anyone else to do principal work. Could you work for another client on the side? I think you need to generate at least 20% of revenues from a different source. It's not as much of an issue now that tax rates have come down, but I was slaughtered in my first two years of trading.
Other than that, I found it easy and cheap to set up.
Jan 9th 2007, 7:04 am
#7
BE Forum Addict
Joined: Oct 2005
Location: Perth
Posts: 3,453
Re: Setting up a new company
[QUOTE=Todd778;4262446]
it will cost you around $A75 and will take 10/15 minutes, you will need ABN no. for that, if you don't have one you can register online for that too.
QUOTE]
Are you sure that this doesn't just register the business name (trading name)?
The bigger costs are in the actual registering (set up) of the company.
it will cost you around $A75 and will take 10/15 minutes, you will need ABN no. for that, if you don't have one you can register online for that too.
QUOTE]
Are you sure that this doesn't just register the business name (trading name)?
The bigger costs are in the actual registering (set up) of the company.
Jan 9th 2007, 7:17 am
#8
A former regular of BE
Thread Starter
Joined: Oct 2004
Location: Carramar, Perth
Posts: 6,241
Re: Setting up a new company
Thanks everyone.
By the sounds of it I don't want to set up a company because of all the expense given that this is only a 3 month initial contract (although that could either get extended or I could be taken on permanently or leave to do something else - my last job in the UK was a 3 month contract which kept getting extended and I was there 2 1/2 years in the end so who knows).
I am sure I have seen accounting firms offering a free hours consultation in the past but cannot find any now. Is it tax return time?
Maybe a sole-tradership makes more sense though I think I might still need to get an ABN number and register for / do returns for GST ($50k threshold per year - pro rata?). It needs to be simple(ish) at this stage.
I have previously (UK) been employed by an "umbrella company" - I gave them 30GBP per week and in return they acted as the ltd company and passed on the tax breaks to me which was worth an extra 50GBP net per week. Has anyone heard of this sort of thing out here?
By the sounds of it I don't want to set up a company because of all the expense given that this is only a 3 month initial contract (although that could either get extended or I could be taken on permanently or leave to do something else - my last job in the UK was a 3 month contract which kept getting extended and I was there 2 1/2 years in the end so who knows).
I am sure I have seen accounting firms offering a free hours consultation in the past but cannot find any now. Is it tax return time?
Maybe a sole-tradership makes more sense though I think I might still need to get an ABN number and register for / do returns for GST ($50k threshold per year - pro rata?). It needs to be simple(ish) at this stage.
I have previously (UK) been employed by an "umbrella company" - I gave them 30GBP per week and in return they acted as the ltd company and passed on the tax breaks to me which was worth an extra 50GBP net per week. Has anyone heard of this sort of thing out here?
Jan 9th 2007, 7:19 am
#9
Gutter Gob!!
Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: Setting up a new company
Thanks everyone.
By the sounds of it I don't want to set up a company because of all the expense given that this is only a 3 month initial contract (although that could either get extended or I could be taken on permanently or leave to do something else - my last job in the UK was a 3 month contract which kept getting extended and I was there 2 1/2 years in the end so who knows).
I am sure I have seen accounting firms offering a free hours consultation in the past but cannot find any now. Is it tax return time?
Maybe a sole-tradership makes more sense though I think I might still need to get an ABN number and register for / do returns for GST ($50k threshold per year - pro rata?). It needs to be simple(ish) at this stage.
I have previously (UK) been employed by an "umbrella company" - I gave them 30GBP per week and in return they acted as the ltd company and passed on the tax breaks to me which was worth an extra 50GBP net per week. Has anyone heard of this sort of thing out here?
By the sounds of it I don't want to set up a company because of all the expense given that this is only a 3 month initial contract (although that could either get extended or I could be taken on permanently or leave to do something else - my last job in the UK was a 3 month contract which kept getting extended and I was there 2 1/2 years in the end so who knows).
I am sure I have seen accounting firms offering a free hours consultation in the past but cannot find any now. Is it tax return time?
Maybe a sole-tradership makes more sense though I think I might still need to get an ABN number and register for / do returns for GST ($50k threshold per year - pro rata?). It needs to be simple(ish) at this stage.
I have previously (UK) been employed by an "umbrella company" - I gave them 30GBP per week and in return they acted as the ltd company and passed on the tax breaks to me which was worth an extra 50GBP net per week. Has anyone heard of this sort of thing out here?
Jan 9th 2007, 8:22 am
#10
A former regular of BE
Thread Starter
Joined: Oct 2004
Location: Carramar, Perth
Posts: 6,241
Re: Setting up a new company
I just got told that the company is no longer taking on people as direct contractors, only through agencies so that puts and end to this question.
The good news is that we have agreed on a rate and subject to medicals I am going back to my old job (with a pay rise) on Monday. Shame that my month's holiday is over but it coincides with the last day Alinta are paying me up to so it all worked out wonderfully.
The good news is that we have agreed on a rate and subject to medicals I am going back to my old job (with a pay rise) on Monday. Shame that my month's holiday is over but it coincides with the last day Alinta are paying me up to so it all worked out wonderfully.
