Need some starting help from Australians

[elemenopee2]

Hello everyone,

I am very keen on getting into making money online but kind of worried and unsure about how to actually set up. I have spent the last few hours reading about affiliate marketing and other strategies but haven't come across actually setting up the financial side.

What is the process?

e.g.:

- Do I get an ABN or ACN? Does it benefit me to pay $400 and register as a company?
- Do I set up a new account at the bank for this? Is it a special account or just another account under my name?
- What do I do about tax?
- Are the any legal dramas I need to worry about?
- Is there anything else I need to think/worry about before starting up?



Any help is greatly appreciated.

 

[Louey37]

Dude, I'm not an expert but this is what I'd do.

If I were you, I'd just get a paypal account and work from there.

Register an ABN, but only because it's free and is necessary to register .au domain names.

When it comes to tax, all you need to do is keep the receipts of everything you purchase for the company (including services) and then declare your income and minus everything you spent on the company.

Stop thinking, stop worrying, and get stuck in.

If you start to turn a decent profit, then get serious advice from a lawyer.

Just my 2c.

 

[Rock84]

Thats some good advice. I'm no IM expert as an offline equivalent and just earning some money here and there from contract jobs etc you dont need an ABN or tax file number. What I do to cover my ass is put 30% of what I earn in a high interest bank account that I don't touch, then when tax time rolls around I just pay whatever I owe (which is almost always less than 30% of what I've made) and the rest is just play money.