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Old 06-26-2010
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Default what kind of bank account that i need?

i plan to become a full time eBay trader. (but i just start now)
regarding to the rules of eBay,pay pal and australian business law, do i really need an ABN and a business bank account for doing this when i just start?and also, do i need to change my ebay account from "individual" to "business"


really appreciate anyone who give advise

Last edited by realka; 06-26-2010 at 06:07 AM.
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Old 06-26-2010
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Hi there,
no not really, you can just use a regular bank account and individual ebay account, been doing that for years with no problems
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thank you . but i wonder how can i pay the tax withoutABN
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You can do all that seperately from ebay and paypal. If you want to pay tax on your income , use the money coming into your bank account as income, and then in your personal books use ebay/paypal fees as well as your other costs as expenses.
You can set up an ABN very easily, dont need to be a business as such, can make one as a sole trader. If you ever need to show the tax office anything just print out from ebay, as it only shows user name not the account holders name (if you print the right bits...)
You only really need to worry about GST if you turnover $70K
This is the proper way to do it, although I dont think many people do when in stealth
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Old 06-27-2010
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really appreciate your advice.
is there anyone actually have ABN only for doing ebay? is it not Mandatory for people who have turnover less than 70k?
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