Exercise 1 Part A
Identify the registrations, taxation requirements and licences etc needed to set up a business in the ACT including legislation you need to comply with.
• Register ABN: Apply for a number at abr.gov.au – Australian Business Registration. This is free of charge.
• Register business name: Office of Regulatory Services 255 Canberra avenue Fyshwick. $146 for three years, $214 for five years (act.gov.au).
• Business insurance – Equipment insurance for $10000 will be approximately $345 dollars a year (photoinsurance.com.au). Professional liability and public liability insurance will also be required – quotes are available by contacting one of the many insurers online.
• GST – the business is only required to pay GST if it earns more than $75000 (act.gov.au)
• TFN – It is best to obtain a separate tax file number (TFN) for the business than your personal TFN – applications for a TFN can not be done online, a paper form must be submitted. There is no cost. Further information can be obtained at the Australian Business Register website – abr.gov.au
Exercise 1 Part B
Number of Photography businesses in the ACT.
41 AIPP photographers listed for the ACT at the AIPP website.
230 Photographers listed for photographers at the sensis.com site. Of these, 105 are listed as portrait photographers (senses.com.au)
According to IBIS world the photographic industry size is $817.7 million in 2009 (ibisworld.com.au).
