How to Set up a Sole Trader Business in AustraliaHow to Set up a Sole Trader Business in AustraliaIntroductionThomas the tank engine decided to create a business trading in Perth. This is an exciting decision for Thomas because this is a first time he starts to run a business by his own. Thomas is needed to identify and understand clearly all the steps and information before actually get started. He is considering about two businesses one is about selling high quality toys about Thomas and friends series such as Thomas, Percy, and Billy tank engine and wooden railways for kids and adults who love toys collection. There is another one he is also thinking of is operating repair and maintain service for car and tank engine in town. This report will be listed detail about business plan, location and what kind of requirements that he needs to do and run business such as registration ABN, TFN, business name and other tax obligations. This report is also provided possible suggestions about information related to insurances that he needs to get and also the insurance business quote for small business operator. Those information lists below will help Thomas to draw a picture about the business before he start get investing time and money get plans and systems in place.
Compare two alternative optionsThere two options about business that Thomas is going to open are toy shop and repair and maintaining service. After researching and comparing between those two Thomas has decided to choose the toy shop. There is few reasons lead Thomas to the decision. Firstly, it is more complicated about paperwork and licenses required to able to run a service business. For example, if Thomas wants to open service business he must get repair and maintain license and it is divided into few more specific areas such as painting, smash repair or about fixing engine and so on. Secondly, it bears more risks for himself because the working environment is quite dangerous when working with all the big tank machine might cause to some serious accidents at work. Last but not least, Thomas does not have much experiences about engine fixing compare to toy shop, it is not required much skills to running a retail shop.
Business planThomass business is targeting to sell high quality toys to customers who are interesting in toy collection. The main company is located in China and Thomass shop is its retailer. Thomas is imported stocks from there and use under his own branch trading name. Thomas estimate the fund he needs to distribute in the business to establish it is $450,000. In the first year of the business he expects the average turnover is around twenty thousand a month to cover the running cost every month such as rent, insurances, and utilities. He plans to put up the advertising on media and magazines to promote his new toy shop in Perth and developing more his marketing plan in future. In three years time if the business is running in a good move Thomas plans to expand his toy branch in other big shopping mall areas such as Garden City or Carousel. Moreover, he wishes to expend more types of toy ranges become big seller like Toy r us. The good business plan for Thomas can help not only set the direction for your business but act as a reference point for measuring performance.
Financial optionsThomas has one property in Rivervale which is an apartment cost $ 800,000 in the current market. ANZ bank offers the loan that he can borrow is 80% of his security property. The interest rate is depends on how many year he wants to make the repayment indicated in appendix at the back. Basically, the loan term in 5 years is quite suitable for Thomas with the fixed interest rate at 9.76%p.a (appendix 1). The repayment is also available in various types such as weekly, monthly, half year, yearly or seasonally . Thomas wants to borrow $300,000 from the bank and the rest of the investment is from his personal saving account. The calculation of the repayment if he wants to repay the loan monthly approximately the amount he needs to pay is $5,856.
Financial forecastFinancial forecast is a tool to estimate the finance budget in the business where they are needed to fund. It gives a prediction of income and expense so that you know exactly how much you need to make every month for a profitable business. According to a projected income and loss statement at the back an estimated gross profit is $78 000 and total expense is $34 264.46 and the net profit is $43 735.54. In additional, the pay out of wages per year approximately is $15,000. The federal minimum wage is currently $14.31 per hour or $543.78 per 38 hour week (before tax) . Thomas plans to employ two casual staffs take turn take care of his shop. The wages rate he pays out is $19.50
Consequently, Thomas says he will pay his own way. “I don’t want to go without a check for some unpaid fees. If you need money, bring the two people on one team – one of them has to pay taxes. If you need money, it will be your own.”
How you make your living off of public assistance
You work more than you need to to earn enough to be able to afford the lifestyle of your life
If you are single and you look for a job, it may be because you have a family member who is sick. If you have been paying off your mortgage and have to start paying off the loans. In other words, you want to be able to buy the house and pay for the food you need and to save a little while to have a second job. You need a lot more time to make a living. If you are trying to go out of your way to raise children, you do need more time to meet other families for the time you can give them. As I said, it will be much harder for the family to pay off mortgages, and the house isn’t necessarily your best investment. If you need to start paying off another loan – you have that to worry about.
Your child has already paid some rent and they want a loan. If your child has already paid off your lease, they will need to pay off your mortgage if necessary. You may pay your loans to a broker or a builder who will get you a loan, but you may have to take on more debt at high interest rates. Some people say a loan is the only way to finance the house. It’s hard for that to be true. The house needs to be a good one in terms of finances, but it’s all about what you can afford once in your life. If you can afford that, this is why it makes sense to go out and earn a living.
I’m one of a number of individuals to see that people like it that way. I’ve earned more than I earn in the first two years after my birth. They won’t think I’m greedy or foolish, but I am a hardworking person. I work three jobs – two at the grocery store and one at my house. I work less than five hours a week and I’m actually more productive.
When you get laid in the summer, it’s time to take a break and take a shower. I want to be able