You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@slowlyworkingthingsout
3 жыл бұрын
Brother, I appreciate your efforts. I research this stuff from time to time but get discouraged. It's just so nice to have a human being speak clearly on how this stuff works. I'm very serious about starting my business this year, so I NEED this information. Good man.
@DavieMach
3 жыл бұрын
No problem mate. Glad its helping. Focus on providing value and the money will come. You got this!
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@Randomgirl324
2 жыл бұрын
This is the exact information I was looking for - very helpful thanks!
@DavieMach
2 жыл бұрын
Glad it’s helped!
@kezli6517
2 жыл бұрын
One of the best videos I've watched, so straightforward. Thank you. We are based in the UK 🙂
@DavieMach
2 жыл бұрын
No problem, my video was tailored to Aussie laws so definitely do some more research into this for UK laws! Thanks for watching mate
@torokopita2763
Жыл бұрын
Am starting a business an I asked today a lady who’s running another business she gave me exactly the same advice to opt for a company thank you so much
@DavieMach
Жыл бұрын
Nice to hear :) Good luck and enjoy the journey
@DavidKFZ
3 жыл бұрын
Thanks Davie, I'm on the business register page now, big help!
@DavieMach
3 жыл бұрын
No problem!
@robbie1266
2 жыл бұрын
This was super helpful. Cheers.
@DavieMach
2 жыл бұрын
no problem!
@J_Shingy53
Жыл бұрын
Thank you, really appreciate it
@DavieMach
Жыл бұрын
Glad it helped, Jacob!
@yakalb93
10 ай бұрын
Great video and explanation. Thank you
@saykharng
3 жыл бұрын
Thank you! Really simple and easy to understand.
@DavieMach
3 жыл бұрын
Glad it was helpful!
@DB6__
3 жыл бұрын
Very formative, Thank you.
@DavieMach
3 жыл бұрын
Glad it was helpful!
@ThomaslIngenieur
2 жыл бұрын
Thanks mate appreciated.
@DavieMach
2 жыл бұрын
No problem 👍
@rider_bravo
2 жыл бұрын
Thank you for the helpful video
@DavieMach
2 жыл бұрын
thanks
@mojikashani2545
4 жыл бұрын
Thanks clear and helpful
@DavieMach
4 жыл бұрын
No worries Moji, glad it was helpful.
@Katrinagreen5252
3 жыл бұрын
This video will help my clients enormously, thank you, Davie!
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@mohammadrezaghassabzadeh9935
Жыл бұрын
Thanks mate
@sabbrondoherty5413
3 жыл бұрын
Good simple advice
@DavieMach
3 жыл бұрын
Cheers !
@jorgeg5478
3 жыл бұрын
So clear and well explained, thanks you!
@DavieMach
3 жыл бұрын
No problem Thanks for watching
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@Kmreddsadad
Жыл бұрын
Good content mate. Thanks
@seongtaek84
Жыл бұрын
But you can’t use company money for your living right? You need to pay yourself salary then it will be taxed anyways??
@mahdiabdullahi9449
3 жыл бұрын
thank you
@DavieMach
3 жыл бұрын
You're welcome
@filipskorec8723
Жыл бұрын
helped a lot thanks
@DavieMach
Жыл бұрын
Glad it helped
@Wammo37
3 жыл бұрын
Thank Davie! Using your example of $200K income, if you have a company, get taxed at 26% and are the only owner of the business. When you distribute all the profit, wouldn't you ultimately pay the 45% because you'd need to declare the $200K as dividends in your individual return?
@DavieMach
3 жыл бұрын
Yes, thats if you distribute the profit. The director determines what dividend to pay each year. If they dont pay the dividend out then the tax on the profit is only 26%. And to answer your next question, you dont have to always invest in your own name so there isnt always a need to pay it all out as a dividend and pay 45%. Why not use the money to invest in the business/company or grow you business with it. If you are going to use the money personally because you need it then yes you will ultimately pay the 45%.
@kyzzlee
3 жыл бұрын
@@DavieMach how do you recommend a director (who is also working for the company) pays themself? If they take a wage then that gets taxed at the individual tax rate, so does dividends. What other option is there?
@DavieMach
3 жыл бұрын
@@kyzzlee Hard to say unless we review the situation. Depends on the profit of the business and income level of the director personally (if they have other income). Is the director a sole shareholder? Its quite difficult to say without knowing the full picture. Maybe good for you to organise a free consultation or speak to your accountant.
@eugenetan7326
9 ай бұрын
Yooo Davie, this is really informative and easy to digest. I know you posted this video awhile back, but I was wondering what if I also want to buy a house? Should I buy it through the company or my own name? What if I live in it?
@kailimedia
3 жыл бұрын
Please do best structure for individual high income earner >$180k annually that planning to side hustle into investing properties. Is it a trust with corporate as trustee or just a company to run the the business better? Thanks
@lilrubee
5 ай бұрын
Which one is better structure for a small online clothing business… 🙏🏻
@jacksonallan5659
2 жыл бұрын
Can't seem to play this one
@DavieMach
2 жыл бұрын
Thanks should be working now!
@alejandroromerobermudez2935
10 күн бұрын
if in a hypothetical case, I have 10 vehicles under my name and I rent them. What is the best way to formalize myself and how would taxes apply? What could I discount?
@benchtalkrc6895
3 жыл бұрын
Great imfo Thank u
@DavieMach
3 жыл бұрын
Thank you for watching!
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@KS-yj1px
3 жыл бұрын
Great video. Subscribed!
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@Fakshin
3 жыл бұрын
Thanks, very helpful info 👍
@DavieMach
3 жыл бұрын
Thanks for watching! Glad you found it helpful :)
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@thepanel2935
Ай бұрын
How much more demanding are the *_'compliance'_* requirements for a Pty Ltd compared to a Sole Trader?
@DavieMach
Ай бұрын
You only need to lodge 1 tax return for soletrader but with company you need to lodge personal and company return. Most clients who open up a Pty Ltd company require an accountant to do the returns whereas soletraders can do their own taxes
@listeningtoyou
Жыл бұрын
Is this the same concept for pass through entities, like holding corporations for investments?
@patrickvuong1178
Жыл бұрын
Hey Davie, great video thanks for simplifying the differences. Just wanted to clarify when mention 180k is the sign to move from sole trader to company - is that purely total ABN revenue only or total personal income (including salary and other income you might have)?
@kevinroark5815
4 ай бұрын
What happens if you have a full the job but want to start a side hustle.
@Showmetas
Жыл бұрын
so what happens if we want both a sole trader for a smaller busines and a company for larger different bisness or do u just have it a company and do both
@christosbinos8467
Жыл бұрын
Surely there are also different tax deduction benefits to a company structure vs sole trader, right? It would be nice to see a video on that. Further, as a sole trader you don't pay payroll tax (though are taxed at income tax anyway for the whole business), which I imagine is more than the company 27.5% + payroll tax & super?
@DavieMach
Жыл бұрын
Yes we go through that in the when to setup a company structure video.
@kissthebear
Жыл бұрын
How about if you are a non-resident and moving overseas and you have an ongoing company that does digital works for Australian businesses such as websites etc. here in Australia? Should I pay more tax?
@DavieMach
Жыл бұрын
Hello, that's a good question but hard to answer without the full picture. Best you book a consultation with the BOXAS team or speak to your accountant.
@foxdylan9536
5 жыл бұрын
Thanks, that was helpful
@DavieMach
5 жыл бұрын
Glad you found this video helpful. Thanks for watching!
@philipfavour8317
3 жыл бұрын
You can trade with Mr timothy strategies,his the best ever known on bit coin forex trade crypto,coinbase and others
@philipfavour8317
3 жыл бұрын
timothygart @ gmail com
@CS-nd2mu
2 жыл бұрын
Hey! It looks like this video is broken and wont play
@DavieMach
2 жыл бұрын
Hey Chris, should be up and running again now!
@billyliddy5833
2 жыл бұрын
Hey mate, what options does a sole trader have to reduce personal assets risk? Does personal and/or professional indemnity insurance cover genuine mistakes, damage etc that are not wilful or illegal?
@DavieMach
2 жыл бұрын
Best to chat to an insurance broker but in general I believe yes.
@ryanle939
2 жыл бұрын
Would you say that it makes more sense to start out as a Sole Trader and convert to a company once you reach a certain income?
@DavieMach
2 жыл бұрын
Yes that’s correct. It does depend but most of the time yes
@janenes2782
2 жыл бұрын
@@DavieMach Hi Davie great video, Ryan asked the question and I think the answer given is what I was looking for. Could you confirm if that would be similiar as a stocktrader/investor? I was looking at investing a substantial amount, and thought it's best to go straight into company structure, however makes sense to do that when the income is coming through first at around 180k plus, would that be right?? Thank you in advance for any reply.
@DavieMach
2 жыл бұрын
@@janenes2782 when share trading it gets messy if you have to restructure from soletrader to company as you may have to sell all your shares in your name and pay the tax then move to a company. Could be a better idea to move straight to company from the start if you are investing a substantial amount. Best to have a chat to an accountant and get detailed advice. I wouldn’t get advice on KZitem if you are investing a significant amount
@janenes2782
2 жыл бұрын
@@DavieMach Thank you Davie, appreciate your reply. Will do, as I wanted to combine investment properties into the mix also, have been watching and learning from many of your videos yesterday, theyre so helpful and I've learnt so much, thank you for the awesome content you share, have a fabulous day!
@DavieMach
2 жыл бұрын
@@janenes2782 that’s so great to hear :) Thank you for watching
@kataotr3816
2 жыл бұрын
🙏🙏🙏🙏🙏
@DavieMach
2 жыл бұрын
Thanks for watching Kat!
@MrGillravinder
3 жыл бұрын
Can we sell as individuals on amazon without registering any company nd how to pay gst and tax to Australia govt?
@DavieMach
3 жыл бұрын
Sorry you will have to check with Amazon with that question. You need to setup GST and Income tax registrations with ato and lodge BAS. Best to speak to an accountant to show you the way.
@potnurunaveen
3 жыл бұрын
I am an IT professional. Can we get save more tax if we move from PAYG to ABN? Many people are telling that it is risky, is it true?
@DavieMach
3 жыл бұрын
We should have a video on this coming out in a month. stay tuned!
@techsavytronicstechsavytro528
Жыл бұрын
If you start as a sole trader can you convert your business in a company later on? Or do you have to create a completely new business with ABN and everything?
@DavieMach
Жыл бұрын
You have to create a new entity with new abn, bank account and etc
@techsavytronicstechsavytro528
Жыл бұрын
@@DavieMach Thanks. So pretty much if you're 3 years in a sole trader business trader with active staff etc... you have to create a whole new entity/business?
@DavieMach
Жыл бұрын
@@techsavytronicstechsavytro528 Yes thats correct, it has to be a separate entity. Thats the reason why its useful. Its separated from your personal name.
@attilavidacs24
5 ай бұрын
If you start a company and pay yourself a wage from the company do both the company and yourself have to pay a seperate tax each?
@DavieMach
5 ай бұрын
Hey, you dont get double tax. The tax paid by the company is passed over to the employee/you. The wage is a tax deduction for the company. The company pays the wage to you but withholds some of the wages for income tax. This gets paid to the ATO. Then when you lodge your personal tax return you would have your wages as your income but tax credit paid by your company.
@annatran9226
Жыл бұрын
Hi there . I am a New Zealand citizen planning to move to Australia. Can I be a Sole Trader or open a company by my own or do I need to do it with an Australian? For both way? Thanks alot
@DavieMach
Жыл бұрын
Yes as a New Zealand Citizen you should be fine to setup a soletrader or a company. For a company you must be based in Australia
@annatran9226
Жыл бұрын
@@DavieMach thank you so much . I am very appreciate that.
@gremics-gallery
2 жыл бұрын
Is it easy to transfer a Sole Trader ABN to a Company ABN? I will not be earning the amount required to pay personal tax anywhere. I am looking at self-publishing books through online platforms. Some are asking for an ABN even though the profit generated is relatively low initially and may stay that way for some time. I was thinking of starting as a Sole Trader and transferring down the track to a company if I undertake another more successful venture.
@DavieMach
2 жыл бұрын
ABNs are unique numbers that cannot be transfered. So you will have a separate ABN for a Soletrader and Company.
@agentdark64
2 жыл бұрын
What is the T7 field in the bas form? It's provided from the ato. Is that like a company tax installment so that you can help meet paying company tax at the end of financial year?
@DavieMach
2 жыл бұрын
It’s a prepayment of income tax. The ato received your previous years tax return and there was a tax payable so now they want you to prepay taxes for the current year. It will give you a credit so you don’t pay so much when you lodge your next tax return.
@agentdark64
2 жыл бұрын
@@DavieMach What happens if you are PSI? The ATO is taking money i'd have to spend anyway. I assume from the previous years if I was PSI in previous years, the T7 field would be zero.
@agentdark64
2 жыл бұрын
I don't quite understand how you claim that 27.5% tax rate if you pay taxes at you personal income tax levels when you pay yourself from the company as company income is not your income.
@DavieMach
2 жыл бұрын
Your scenario is if you take all the profits of the business and spend it personally. But when you run businesses you would like to reinvest your profits so then you would want the cheapest tax rate so why not pay yourself a modest wage then keep the profits in the company at 27.5 (25% currently) to grow your business more?
@agentdark64
2 жыл бұрын
@@DavieMach So you roll over to the next financial year to reduce the total tax percent and then pay the employee the next following financial year?. I can't anyway as I'm on PSI.
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