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| Thread ID: 63622 | 2005-11-16 23:27:00 | new business help | lance4k (4644) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 404870 | 2005-11-16 23:27:00 | does anyone know what the minimum deposit asb bank needs for a person to open a business transaction account? And if u have a business and aint registered for gst and tax yet, is it okay to go to an accountant a month later and get them to register for tax etc and handle all the accounts? And when u go what to withdraw money from ur business, can u just transfer if from ur business account into ur personal account and then use the money? |
lance4k (4644) | ||
| 404871 | 2005-11-16 23:33:00 | Wespak didnt need me to have any money I opened two business accounts. Spose so as long as you keep every thing recordered properly, unsure about the gst though. Yes you can transfer money where you like as long as its recorded in your cashbook. |
Rob99 (151) | ||
| 404872 | 2005-11-16 23:34:00 | Whoa, I suggest you consult one of the free business advice officies they have dotted around the place. but, You dont need squat to open a business account at the bank You dont need to register for GST unless you have turnover of more then 40 grand a year, though You cant claim it either. You can take all the money you want out of your company, but the Tax man wants his cut as well. I would sugest you register your company name as soon as you decide what it will be. |
Metla (12) | ||
| 404873 | 2005-11-16 23:34:00 | You are asking for detailed accounting help when the underlying business, conditions and financial backing etc is unknown. You should seek this help from an accountant, IRD and the bank, as nobody could possibly give you the correct advice from such a post. |
godfather (25) | ||
| 404874 | 2005-11-16 23:40:00 | Ok Lance. I don't know about ASB. But I suggest you find Bizinfo - should be in the phone book. The Government has set up various no-cost ways of helping start-up businesses. You can get free advice. Yes your accountant can register for GST etc within a month of you starting but you should charge GST in the meantime. But frankly you would be much wiser to get the advice before starting. You can transfer money from the business account to your personal account but you need to start small. As a rule of thumb, after you have allowed for paying the monthly bills, you should leave at least one third of the money in the business for tax, ACC and GST. It is also a useful backstop. Most businesses don't make any profit for the owner to keep in the first 12 months - but you might be onto a winner. |
Winston001 (3612) | ||
| 404875 | 2005-11-16 23:42:00 | profit? You mean we can do that? I'll keep an eye out...... |
Metla (12) | ||
| 404876 | 2005-11-16 23:57:00 | if you are not going to register for gst then don't bother with a business acc. just use a personall acc as its far cheaper and by the sounds of it you won't have enough cashflow to warrant a buisness acc anyway. if you have enough cashflow to warrant haveing a buisness acc then you will NEED to register for GST (which is handy as you usually get a lot of $$$ back and some companies won't deal with non-gst registered people or people will pay you MINNUS the gst.) | tweak'e (69) | ||
| 404877 | 2005-11-17 01:35:00 | does anyone know what the minimum deposit asb bank needs for a person to open a business transaction account? And if u have a business and aint registered for gst and tax yet, is it okay to go to an accountant a month later and get them to register for tax etc and handle all the accounts? We have no business accounts. Thats just an excuse to charge you extra fees. Husband has been running his biz for 14 years without one. Just make sure you put aside money for end of year tax. Assuming you make a profit... You don't need to register for GST until your turnover gets to $40,000. Keep track of all your accounts on Excel or something for now and get an accountant later. If you do the bulk of it yourself you'll only need them for tax and depreciation sort of stuff and should only pay about $150 a year. Get them to do the lot and it will cost you more like $1500. |
pctek (84) | ||
| 404878 | 2005-11-17 02:52:00 | Just make sure you put aside money for end of year tax. Assuming you make a profit... You don't need to register for GST until your turnover gets to $40,000. Keep track of all your accounts on Excel or something for now and get an accountant later. If you do the bulk of it yourself you'll only need them for tax and depreciation sort of stuff and should only pay about $150 a year. Get them to do the lot and it will cost you more like $1500. Perfectly rational advice except most people don't do it. We'd hardly need accountants at all if all small businesses kept tidy accurate and daily records. But ask virtually anyone what they hate about business and they'll say "the paperwork". |
Winston001 (3612) | ||
| 404879 | 2005-11-17 02:59:00 | But ask virtually anyone what they hate about business and they'll say "the paperwork".Um... only those that can't handle a computer keyboard and/or don't have cheap or free spreadsheet software. | Greg (193) | ||
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