Many new business owners think that starting a new business is easy and you don’t have to apply for an ABN, which stands for an Australian Business Number.
In fact, even if you think it might be just a hobby and only make $1 you still need to apply for an ABN. When you do your tax return , if you earn $18,000 or less in the year, you won’t have to pay income tax as you are under the threshold.
Though, most people when they start a business will definitely earn more than that in the first year.
You would be surprised the number of business owners that say to me they cannot believe that their hobby or passion has earnt them so much money.
When you start a business, this is the best time to outsource to a bookkeeper.
Many business owners who have been in business for many years will say the same thing, that they wished when they started their business, that they outsourced right at the beginning to a bookkeeper.
That’s where I come in, I have over 20 years’ experience and if you are just starting out, would love to have a chat.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID