Starting my own consultancy

danotroy

Im currently temping here in Melbourne and my contract runs out in a few weeks however they need some consultancy work done as there is alot of money left in their consultancy budget.

They mentioned that if I had my own consultancy they would like to give me the work.

What channels do i have to go down to make an official consultancy?

Is it as simple as getting an abn?
And i would assume a website?

The contract would be worth about $5 k for a months work. The work is due on the last day of this tax year.

Would it be worth my while jumping at this chance?

any help would be greatly appreciated

Thanks

token101

You'd be an independent contractor. You'd need an ABN, which you can get online but all the normal visa rules, like the six month rule, will still apply. At least that's what I was told anyway. Website would be up to you I'd imagine, can't see why the tax authorities would care either way.

Edit: that's assuming you're on a WHV. No idea what the craic would be with a 457 but AFAIK you can't have a second job at all with that visa.

hussey

token101 wrote: »

Edit: that's assuming you're on a WHV. No idea what the craic would be with a 457 but AFAIK you can't have a second job at all with that visa.

You cannot have an ABN on a 457. You need to be an employee

Mellor

hussey wrote: »

You cannot have an ABN on a 457. You need to be an employee

You can have one. You just can't use it to earn income.


(Not being pedantic just ryu g to avoid a new thread such as;
" 've been offer sponsorship but I have an ABN. How do I get rid of it?"

Mellor

danotroy wrote: »

What channels do i have to go down to make an official consultancy?

Is it as simple as getting an abn?
And i would assume a website?

There's no such thing as becoming or having a consultancy. It's just a name for a type of work (external advice usually). You are hired on contract as a consultant. Basically you just need an ABN number and some sort of basic business set up.

danotroy

Mellor wrote: »

There's no such thing as becoming or having a consultancy. It's just a name for a type of work (external advice usually).

I might be missing something here? but isn't a private practice called a consultancy? such as a planning consultancy?

I am on a WHV. Can I have an ABN.

Mellor

danotroy wrote: »

I might be missing something here? but isn't a private practice called a consultancy? such as a planning consultancy?

No, not really.
A private practice is any business operating in the private sector. If their work is usually in a consultant role, they may wish to refer to themselves as consultants or a consultancy, or they might not. It means nothing. It's just a business, nothing else involved to work like that.

I am on a WHV. Can I have an ABN.

Yeah. You can get one pretty easily.
Or you could work for somebody else with an existing ABN, who'd act as the external contractor/consultant.

danotroy

Mellor wrote: »

No, not really.
A private practice is any business operating in the private sector. If their work is usually in a consultant role, they may wish to refer to themselves as consultants or a consultancy, or they might not. It means nothing. It's just a business, nothing else involved to work like that.


Yeah. You can get one pretty easily.
Or you could work for somebody else with an existing ABN, who'd act as the external contractor/consultant.

Thanks mellor, a bit of not being able to see the wood from the trees for me on that occasion. Ill just set up a business name for myself as X-Consultants and take it from there!