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I am an international student (subclass - 500) in Australia.

Hello. I am an international...

Hello. I am an international student (subclass - 500) in Australia. I am planning to start an online business that sells music online. I will be selling digital downloads online through eCommerce. I will be using Paypal and Stripe for payment processing and all of my sales come from USA. I want to know if I'll have to setup a company compulsorily for eCommerce businesses or can I become a sole trader since I'm the only one involved in the business? I would also like to know what type of taxes I owe to Australian government and the legalities involved.As far as I've researched, I've come to know that I'll have to get a TFN and then use it to register for ABN as sole trader. I'm not sure if it's rightSo, should registering a business name and getting and ABN be enough for business registration and starting the operation? And what type of taxes do I have to pay? I recently registered for TFN so, could you let me know what are the next steps to get my company started and running?

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Answered in 5 minutes by:

12/6/2018

Solicitor: Leon, Solicitor replied 4 years ago

Leon, Solicitor

Category: Australia Law

Satisfied Customers: 52,730

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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Hi, I am Leon, a NSW Solicitor. I am reviewing your question and will reply again in a moment.

Leon, Solicitor

Category: Australia Law

Satisfied Customers: 52,730

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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Customer reply replied 4 years ago

Sure!

Solicitor: Leon, Solicitor replied 4 years ago

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Solicitor: Leon, Solicitor replied 4 years ago

Good Afternoon,

you do not have to set up a company he can be a sole trader.

As a sole trader you will be taxed at the individual rate

these can be found at the following link.

https://www.ato.gov.au/Rates/Individual-income-tax-rates/

this is assuming that you are a resident for tax purposes meaning you have been here for more than 6 months.

If you set up a company then the companies takes 30% flat on all income but when you pay yourself wages you are an employee and the tax rates above will be what you are taxed at the company gives you the money.

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