Load and Go cards doesn't worth it anymore

[Klemantina]

"Please note, you can’t withdraw funds to a credit or debit card. "

I dont even have an option to withdraw to a credit card, do i need to open a bank account or its some kind of a limit for new paypals?

[bananaappeal]

Originally Posted by Klemantina

"Please note, you can’t withdraw funds to a credit or debit card. "

I dont even have an option to withdraw to a credit card, do i need to open a bank account or its some kind of a limit for new paypals?

why would you not consider attaching a bank account in the first place?

[Klemantina]

1) because they charge more fees.
2)because before i came to AU i was used to transfer only to credit cards.
3) commonwealth is good enough? should i look for a better bank?
will it be too suspicious if i'll open 5 bank accounts tomorrow?

[bananaappeal]

Originally Posted by Klemantina

1) because they charge more fees.
2)because before i came to AU i was used to transfer only to credit cards.
3) commonwealth is good enough? should i look for a better bank?
will it be too suspicious if i'll open 5 bank accounts tomorrow?

There is nothing suspicious upon opening 5 bank accounts.

Commonwealth are good with fees on the standard everyday accounts as they only charge the $5 monthly fee and that is only if under 2k doesnt circulate through said account per month. winky wink

Suspicion can only arise with banks if your area of retail is above board or not. Some banks require TFN depending on incomes.

Avoid Suncorp Bank though as I have read throughout this forum that information can possibly be shared.

[MM78]

Originally Posted by Klemantina

1) because they charge more fees.

If you can't afford fee's a bank charges, which I doubt is that much....You might want to quit selling.....

[rsot]

Originally Posted by MM78

If you can't afford fee's a bank charges, which I doubt is that much....You might want to quit selling.....

Real talk with MM78

[Klemantina]

Yeah i know im already a member of this bank, its just that im not used to paying fees to banks. In Israel we had a bank that doesn't charge any fees, doesn't matter how much money you circulating (Yahav)
I'm only 22 so i dont have much of experience with banks. i was sure that LG credit would be perfectly fine, why did i even use it if i can't withdraw to it?
I'm sure im gonna circulate more then 2k if its combined with all my accounts, should i consider opening more accounts in other banks? (no suncorp)
If each month i'll withdraw 1k from each account and i'll have like 7-10 accounts, whats the best way to do it?
When will i start having problems with taxes? 18k a year? its like 1.5k a month? what can i do? maybe buying shares on the stock market? what do you guys do?

Thanks for anyone who will try to help.

[bananaappeal]

Originally Posted by Klemantina

Yeah i know im already a member of this bank, its just that im not used to paying fees to banks. In Israel we had a bank that doesn't charge any fees, doesn't matter how much money you circulating (Yahav)
I'm only 22 so i dont have much of experience with banks. i was sure that LG credit would be perfectly fine, why did i even use it if i can't withdraw to it?
I'm sure im gonna circulate more then 2k if its combined with all my accounts, should i consider opening more accounts in other banks? (no suncorp)
If each month i'll withdraw 1k from each account and i'll have like 7-10 accounts, whats the best way to do it?
When will i start having problems with taxes? 18k a year? its like 1.5k a month? what can i do? maybe buying shares on the stock market? what do you guys do?

Thanks for anyone who will try to help.

personally i pay my taxes..

[Klemantina]

We all do... but whats the best system to do that? when do i have to do that? how should i know if my income is not stable? if i'll reach 17k$ in two month but then i'll get suspended and i'll have no income for 10 months, it means i didn't reach 18k a year so i dont need to pay any taxes?
So commonwealth got the best fee rates? 5$ per month for 2k$ looks not cheap at all compared to what im used to. maybe payoneer or something would be better?
I believe i'll have like 50 accounts eventually and 50 bank accounts would be suspicious for sure. What other systems can i use?

[bananaappeal]

Originally Posted by Klemantina

We all do... but whats the best system to do that? when do i have to do that? how should i know if my income is not stable? if i'll reach 17k$ in two month but then i'll get suspended and i'll have no income for 10 months, it means i didn't reach 18k a year so i dont need to pay any taxes?
So commonwealth got the best fee rates? 5$ per month for 2k$ looks not cheap at all compared to what im used to. maybe payoneer or something would be better?
I believe i'll have like 50 accounts eventually and 50 bank accounts would be suspicious for sure. What other systems can i use?

Accountants will help with structuring your tax procedures.

18k across 50 accounts is $340 dollar /year average on each account.

My methods are concentrated on 3-4 accounts selling - with extras sitting in the oven for when i need them.

I don't know what or how your selling whatever you sell - though if your above board and have no issue with paying due taxes then having multiple bank accounts isn't suss at all.

Its more paper work but not illegal in anway.

An accountant will help you structure a good method with recording your income etc.. it can be messier than normal but its easily done if your serious about your net growth.

Like i wrote earlier - if your above board then what suspicions are you scared of by the banks?

Being banned from eBay/PayPal in know way means your in the bad books by the banks.

[Klemantina]

How much you paying for your accountant? what's your average income?
I didn't mean i'll operate 50 accounts, i meant that eventually after all my experiments and the verification failures i'll probably have around 50 in the next couple of years.
My method would be somewhere between 5-10 accounts depends on the success rate of doc verification.

Trying to understand if i got it right, if i sell 15k a year each account and i have 10 accounts = 150k a year only 50k of them is pure profit. If the tax rate is like 30%, i need to pay 30% out of 150k or 50k?

your last sentence, you meant being banned is not gonna affect me in any way by the bank?

Thanks a lot for your help.

[bananaappeal]

Accountant hourly rates can vary.

Uhm i know in my social media ventures i tend to see alot of home operators advertising their services (especially this time of year) and also in local newspaper ads.

I would imagine sole operators would be less expensive then those working under a corporate roof but accountant costs is something you will have to do your own homework on.

On top of paying your tax percentage you will need to consider paying GST as well.

Paying GST (Goods and services tax) applies when your gross income reaches 75k or more /year

I underline GROSS as new retailers can get confused with this and it is a huge thing to consider when you have a target net income.

If 75k /year is expected from you then you should definitely source an account for information on how you should operate your books for GST.

https://www.ato.gov.au/business/gst/

A good plan is so get a better return on your sales.

150k gross with 50k net is only a 33.3% profit

if your aim is 50k /year (which is a very comfortable yearly income) then sell items with much higher mark up.

It wouldn't be Australian without a 200% mark up.

In regards to your last question - My bank manager laughs when I tell him i need a new account because of my eBay bans.

This thread may have gone a little off topic so ADMIN might find a better place for it?

[Klemantina]

This information might be valuable for future Aussies, so i prefer the admins keep it open, if not we can go private, again thanks a lot for your help.

1)I'm trying to understand how do i prove that i made 50k profit out of the 150k (15k each bank account)?
2) "It wouldnt be australian if its not 200%" you mean it doesn't worth it if the profit is less then 200% from each product? if i list something that i buy for 20$ for 50$ thats 200% coz of the fees or listing for 40$ is 200% for you?
3) Would it be legal if i start my tax paying journey when i reach 17k? even if i reach 17k in 2 month?
4) I didn't understand why he laughs?
5) When you get banned you cant close your bank account because you need it to transfer the money after 180 days right? or you closing and opening a new one after 180 days to not pay the monthly fees?
6)How many bank accounts do u have? did it every caused any trouble?

[bananaappeal]

questions 1,2 and 3 will all get resolved by talking to an accountant.

For the rest of the questions - my personal answer is running stealth can cost some fee's whether its multiple bank account fee's or topping up a sim card a couple of times a year.

All these fee's are tax deductible anyway and once you have a structure of how your income/growth is calculated you will understand that.

When I say put a larger mark up on your product is in regards to your gross income.. higher tax brackets.. GST possibility..

Sell less for more and keep your Net income higher than your Gross.

Build a business plan on paper then find out the necessities to put it into play.

Personally i've found you will waste a lot of your own time trying to build a business on if's and but's.

1)Build a business plan --> 2)Plan the build --> 3)Build

Operating in the stealth areas can slow the motions at times but build off the foundations that got your **** wet in the first place.

[Klemantina]

3) I really need the answer before i go to an accountant.
5)?

Apparently i can't start working on a business plan before i go to an accountant. Trying to operate 5 accounts + being drop-shipper +full time bachelor + part time job, im starting to loose my mind x_X

[bananaappeal]

Question 3 is a perfect first question to ask your accountant.

Question 5 answer is simply you don't need to close the account.

Like i said stealth operation has some costs - bank fees are part of them.

[Klemantina]

If i'll wait 180 days its 30$ fees, if i'll close the bank account and open a new one after 180 days and close it right after the transaction it will probably cost less. considering the time and fees for opening and closing an account im not sure wtf should i do in this case -_-

You really tried to help and im really thankful but your answers is basically, talk to an accountant, make more profit and pay your god damn fess and taxes which are the same ****.

I have another interesting question, If im doing dropshipping im making the AUD stronger coz im taking global money and transforming it to AUD, don't you think i deserve some kind of lower tax rate?

[bananaappeal]

Your asking for tax and legal advice so you should refer to the professionals, someone who can held accounted for.

[drphilly]

Getting off topic from the OP.

L&G Cards still work. There is a BSB + Acc number on the back of the card.