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!