A few important tips when starting out in a new business

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To start with, you need to register an ABN (which you do through the Australian Business Register – www.abr.gov.au). Registering a ABN is free if you do it directly through the ABR, or if you use a tax agent they charge a fee.

One of the things that you will need to assess is whether the Australian Tax Office (www.ato.gov.au) considers your business to be a hobby or an actual business. It is a common misconception that what defines whether you are doing a hobby or a business is a dollar value of how much you make, that is not the case.

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