Hi all, How much does it COST to register your
own ABN? Are there strict criteria or can anyone
do it and keep it in their back pocket until they
set up a business. As recommended by someone in forum
to get a NO LOW DOCS LOAN etc.
Is the ABN fee annual fee or a big one off fee?ABN is free from the ATO.
Once you get one you have to fill out a form every quarter.
A no doc loan isnt that great, you need around 80% deposit. LOL
I had to ge an ABN to do some overseas work a couple of years ago and I don’t believe you pay anything. I still have the ABN number although I don’t activiatley use it at the moment. I registered on line. You should check out the government website – as they will ahve all the information there[
]ABN is free at the ATO website – you can actually apply on line. Anyone can get one to set up a business.
A LODOC loan is neither good or bad. I wouldn’t recommend it for someone who doesn’t need one however if you do then it can be the only answer.
Cheers
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Hi Sach
Find yourself an accountant, a good one, a recommended one, who specialises in your industry (if entertainment is your main thing still) and invests in property too- (so can undertand where you wanna go!!!) and make an appointment~! I know a great one in Melbourne.
Ask all those questions you need to know, like ABN, GST or not? Structure? Keeping books in order? Tax returns? Advice for your particular situation? Etc etc.
Makes things sooooo much easier.cheers-
MiniPS If you are a freelancer you basically can’t invoice without one
Low Doc loans are resigned for people that may not be able to substantiate their income (e.g. self employed persons). This may arise due to their tax returns not reflecting their true cash position or if they are not up to date with their records. They were not designed for PAYG earner (employed persons). Essentially, lenders are a bit suspicious when PAYG earns want to use a low doc loan (because all PAYG earners should be able to supply proof of income – e.g. play slips). In fact, most low doc loans exclude PAYG applicants (i.e. PAGY applicants still must provide proof).
Just be aware of the restrictions and purposes of low doc loans. And always remember your obligation to provide accurate information. (not that I’m casting dispersions over anyone)
I think Simon (Mortgage Hunter) and I are on the same page on this one.
Cheers
Stu
In order to apply for an ABN, you must be running an enterprise (business). I would doubt whether you would be able to legally get an ABN is you were simply investing in residental property as these are inputed tax supplies. If you were investing in commercial property then you would certainly need to apply for ABN as commercial property is an GST taxable supply.
It costs nothing.
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