DS1 has now gone into business as a sole trader, busking on the weekends and he is planning on growing some potplants (buxus) from clippings in the springtime to sell at the local market. So to make it easy to fill in his tax return we went online to http://abr.gov.au and applied for an Australian Business Number. The entire process in very quick and easy, taking about 10 minutes to complete. There is no fee for applying for a business number and the 11 digit ABN was provided immeditely once we hit the "submit" button. The main benefit of DS1 being self-employed is that under the new Simpler Super rules he can contribute $1000 to his retirement fund each year and will get the $1500 government co-contribution.
Enough Wealth
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