Following on from last weeks “Are you in the blogosphere?“…if you’ve determined that your blog is in fact a business, you may be asking…what now?

Operating a blog business is no different to operating any other business – you need to keep records and meet your obligations with the Australian Taxation Office (ATO).

First you will need to decide on a structure to determine if a separate Tax File Number (TFN) is required – although I expect many of you will operate as a sole trader and as such there will be no need to register an additional TFN.

You will also require an Australian Business Number (ABN), and you’ll need to review your proposed turnover in regards to Goods and Services tax (GST).

Finally, it is imperative that you maintain adequate records of your income and expenses.  I recommend opening a separate business bank account and ensuring that all income is deposited into this account and all expenses are paid from this account.

Most banks offer start up enterprises some sort of fee relief for an initial period of time, and most also have cost effective solutions which provide for internet banking and a debit card facility (I use my debit card almost daily as it acts in much the same way as a credit card but uses my own funds – it makes it so easy to pay for expenses from my business account rather than paying for them privately and having to reimburse myself!)

If you’d like some help setting up your blog business, or assisting with your record keeping, please get in contact!

Regards

It’s hard to believe, but by the end of this week…it will be August…already!  And in August in Victoria – it’s the Small Business Festival.

The promotion by Business Victoria is to “Get inspired and learn new skills to help you start or grow your business at Small Business Festival Victoria. There are hundreds of amazing events across Melbourne and regional Victoria between 1-31 August 2015.”

The beauty of this event is that there are many sessions for free or a relatively small cost, and they are at different times of the day and night and some are online, so there really is something for everyone!

I’ve already reviewed the festival program, and the events I’m aiming to attend are:

• Webinar on Thursday 6th August presented by the Australian Businesswomen’s Network “Beyond the City – Grow your business from anywhere”
• o2 Media BizFest in Warrnambool – I’ll definitely be at this one as I’m presenting a workshop “Update, Understand and Analyse your Accounts”
• Presentation by Naomi Simson of Red Balloon “Amplify your Success”

I’ve got a few others earmarked too, but with a very full diary in August I’ll have to see what else I can fit in!

If you are interested, you can find out about the festival and look for events in your area here.

Please let me know if you decide to participate – I’d love to hear if you are attending any events and your thoughts on them afterwards!

Regards

Beautiful Accounting Software – who knew there was such a thing?

In a world where flexibility and convenience are first and foremost in many of our minds, Xero is certainly leading the way on this front in the area of accounting software.

Earlier this year, The Tax Chic became a Certified Advisor in Xero, and more recently I certified as a Payroll Specialist – and I love it!

Based in “the cloud”, Xero can be accessed anywhere you have an internet connection.  You can use a desktop, laptop, tablet or smartphone – any device that allows you to access the internet – given that I travel all over for work (…and play), can you see why this excites me?

Plus – Xero is not just for business…there are tools available through Certified Advisors (ie: me!!), that are very cost efficient and great for use by households!

Over the coming weeks and months, I’ll be hi-lighting a few of the benefits of using Xero, but in the meantime, if you are interested…or just curious…I recommend you take a look at their website, or Contact The Tax Chic to see how using Xero may benefit YOU!

Regards

A few years ago I didn’t even know what a blog was…and look at me now!  Myself, along with many others have found ourselves in the blogosphere!

While I understand my own situation 100% and know my obligations in regards to declaring my income, others may not.

If you are earning income from your blog, you need to determine if your blog (AKA income earning activity) is considered a business or a hobby by the Australian Taxation Office (ATO), and unfortunately there’s no easy answer to this!

Each case must be determined based on the individual facts, but some of the things you need to consider are:

• does the income earning activity have a commercial purpose or character?
• are you aiming for a profit and working for one?
• is there repetition and regularity?
• is the activity carried on in the same manner as other businesses in the industry?
• are your activities planned, organised and carried on in a business like manner?
• what is the size scale and permanency?
• does it feel like a hobby?

Please make sure you make an assessment on the classification of your blog, you can read more here or get in Contact to discuss!

Regards