Registering a new business

mr302xd · 02-04-2014, 09:57 PM

Hey all

Over the last month i have launched a photography venture. I have called it Turbocharged Photography and i want to start being able to sell my prints and services.
What i want to know.
What is involved with getting it all registered etc. I know i need and ABN and Business name registered. Is there any costs to do this?
Obviously i will probably make next to nothing in the first year so is there a certain threshold where i wont have to pay tax on any earnings??

If your interested to view my page here is a link
www.facebook.com/turbochargedphotographyau

b2tf · 02-04-2014, 10:03 PM

Go to www.asic.gov.au and register an ABN and a business name. They can do all of that for you, there are fees but I can't remember what they are. Not stupid amounts though.

Your first $25k you wont have to worry about tax but as you said you will make a loss for the first few years. I am into my 2nd yr of trading as my own business and I am still not technically making anything, a lot of that is deliberate though as I am claiming a lot of things to get fully setup etc. That will obviously vary from business to business, mine involves a lot of equipment etc as photography would too.

Get yourself a good acountant, work out what stuff you need, then what you want, then what would be nice to have. Use that as a guide to start getting set up.

**MercurySilver** · 02-04-2014, 10:13 PM

I registered a business name for three years I think.....honestly can't remember and we have done nothing with it job wise. It was only a hundred odd bucks from memory...maybe 200?

Was pretty easy.
Did it all on line and I think we had to wait a week or two to make sure the name was approved.

mr302xd · 02-04-2014, 10:22 PM

champions! Thanks guys!

bobthebilda · 02-04-2014, 11:04 PM

Just registered a business name and got an ABN a few weeks ago. Very easy to do on the asic website. Cost was only $75.

Feathers · 03-04-2014, 12:49 AM

I just renewed our business name for 3 years, and that was $75.
Stupidly you can only do it online these days, yet they can send you a letter to say it's due for renewal, but they won't send an invoice so you can pay it in person, for those who don't have internet access, or do not use internet banking.

Dad argued with them for weeks, and the morning after I logged in and paid from MY account, with MY email address (mandatory info, but Dad doesn't have one, as he doesn't own a computer), they rang up and said they could do it online for him if he couldn't.

zilo · 03-04-2014, 12:56 AM

if you just register a trading name and something goes wrong a client can sue you for all your personal assets.

Register a company instead...proprietory limited (pty ltd) means just that.

Only misguided folk trade purely in business names in the long run is my opinion.

mr302xd · 03-04-2014, 01:36 PM

Thanks guys. Luckily not much can go whrong in photography, only bad photos lol

Neale · 04-04-2014, 01:02 AM

Quote:

Originally Posted by mr302xd

Thanks guys. Luckily not much can go whrong in photography, only bad photos lol

If you are running a business there will be more to it than just taking photos.

I noticed your on facebook so you should check out this page https://www.facebook.com/groups/shoottokillgroup/

I have learnt a lot from other peoples problems on there. If you do a bit of reading you will also learn a bit of what you in for & how to possibly avoid dramas with clients.

bobthebilda · 04-04-2014, 02:00 PM

Quote:

Originally Posted by mr302xd

Thanks guys. Luckily not much can go whrong in photography, only bad photos lol

People who take photos of the likes of lara bingle, sam worthington, alec baldwin etc etc, may disagree with that.

mr302xd · 04-04-2014, 09:47 PM

I understand that. Ill only be doing automotive pics at events. Not invading peoples personal lives. Cheers

ianxy351 · 04-04-2014, 10:02 PM

I set up my business 18 months ago. Aside from the registration issues, go to a insurance broker and discuss what you need to protect yourself in terms of PI and so forth. Also, three of the other things I did was get someone to help me with a simple website ($450), set up a google advert account to assist promotion of my website and also set up adverts online with Sensis (Yellow Pages). I didnt worry about hard copy yellow pages.

Hope this helps.

BIONIC MAN · 07-04-2014, 07:40 PM

if you set up, and trade in a pty/ltd company, you will have heaps more "costs" to pay and end up with less money in your hand.. think paying your own super, workers comp insurance and the company tax scale is different.
a sole trader / partnership does not have to pay out all this stuff, just get good 3rd party public liability insurance and any other relevant cover and you will be sweet... hopefully :-)

zilo · 11-04-2014, 12:10 AM

Quote:

Originally Posted by BIONIC MAN

if you set up, and trade in a pty/ltd company, you will have heaps more "costs" to pay and end up with less money in your hand.. think paying your own super, workers comp insurance and the company tax scale is different.
a sole trader / partnership does not have to pay out all this stuff, just get good 3rd party public liability insurance and any other relevant cover and you will be sweet... hopefully :-)

I disagree, and have done the numbers in the past.

Those insurances exceed the cost of corporate compliance costs.

There are limitations for sole traders too....

Try registering a car in a sole trading name....nope....has to be a company.

Pay yourself dividends from a linked family trust and no super or workers comp needs to be done at all.

Franco Cozzo · 11-04-2014, 12:24 AM

Also with sole trader, don't you carry full liability? So if you **** something up you can be sued for what you got?

Where as PTY LTD company has responsibility, not the director.