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Get $500 From CommBank As a New Business Owner, CBA Account Holder & BackR Webapp Account Holder

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Get $500 From CommBank As a New Business Owner, CBA Account Holder & BackR Webapp Account Holder
Go to Deal
bonky on 28/07/2020 - 20:06 commbank.com.au (2200 clicks)
Last edited 28/07/2020 - 20:51 by 1 other user

The Backr app is set to launch in September 2020 and anyone can register their interest from today at www.backr.com.au.

Users who sign-up to the full Backr product between launch and 31 October and complete four tasks

  1. Register an ABN,
  2. Register a business name,
  3. Complete a business plan,
  4. Open a CBA Business Transaction Account)

Completion all tasks above to receive $500 (terms and conditions apply and can be found on the Backr website).

https://backr.com.au/terms-and-conditions

Eligibility Requirements

The Customer must meet the eligibility criteria of:
Successfully registering an account with Backr (“Backr Account”) by 31 October 2020 and using the Backr Account to:

register an Australian business number (ABN) or, subject to section 5 below, register an Australian company number (ACN); and
register a business name; and
complete a business plan, and

Open and activate a business transaction account with the Commonwealth Bank (“CBA BTA”) and use the CBA BTA for the following activities by 31 December 2020:

  1. digital login AND 5 qualifying transactions between day 1 and day 56 of BTA opening; or

  2. digital login AND 1 merchant plan sign up between day 1 and day 56 of BTA opening (“CBA BTA Activities”), (together the “Eligible Customers”).

Customers who do not register an ABN using a Backr Account, but register an ACN under section 4(a)(i), must provide a registered ABN to CBA when applying to open a CBA BTA. Customers who do not comply with this additional Eligibility Requirement will not be eligible for the Offer.

Existing CBA business transaction accounts are not eligible. Read the rest of the terms at BackR

Financial

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closed Comments

  • Michaelz101 on 28/07/2020 - 20:13

    The Customer must meet the eligibility criteria of:

    Successfully registering an account with Backr (“Backr Account”) by 31 October 2020 and using the Backr Account to:

    register an Australian business number (ABN) or, subject to section 5 below, register an Australian company number (ACN); and

    register a business name; and

    complete a business plan, and

    Open and activate a business transaction account with the Commonwealth Bank (“CBA BTA”) and use the CBA BTA for the following activities by 31 December 2020:

    1 digital login AND 5 qualifying transactions between day 1 and day 56 of BTA opening; or

    1 digital login AND 1 merchant plan sign up between day 1 and day 56 of BTA opening (“CBA BTA Activities”), (together the “Eligible Customers”).

    • Sketch3 on 28/07/2020 - 20:16
      +1

      Does anyone know what the 'merchant plan' they are referring to means?

      • viper8548 on 28/07/2020 - 21:54
        +1

        usually means eftpos or online credit add merchant service

        • AustriaBargain on 29/07/2020 - 06:51

          I'd check the setup and cancellation fees on that, or look at what the qualified transactions are instead.

    • AustriaBargain on 29/07/2020 - 06:51

      What's a qualifying transaction? And if you already have an ABN can you just register a new business name through the Backr app and get the free munz.

  • skinnybutt1 on 28/07/2020 - 20:17
    +1

    What's the cost to setup an ABN these days?

    • LittleTicket on 28/07/2020 - 20:17
      +2

      Free

    • Psyclone on 28/07/2020 - 20:20
      +2

      https://www.abr.gov.au/business-super-funds-charities/applyi…

      Don't need to pay someone to click through this link for you

    • Lesco Brandon on 28/07/2020 - 20:23
      +1

      Depends on whether you're after sole trader, pty Ltd or trust. First one is easy. The latter two, I'd encourage to get an accountant or advisor.

    • Bargain4U on 28/07/2020 - 20:46
      +3

      So by getting an ABN you expose your full legal name and address etc on a publicly searchable ABN database, right?

      • Crownanchor on 28/07/2020 - 20:47

        Could be worse, if your in the UK, have you seen all the details publicly available for UK businesses?

      • Ghost47 on 28/07/2020 - 21:13
        +1

        I think you can just see name, nothing about address (on the ABN Lookup website anyway).

        • Crownanchor on 28/07/2020 - 21:16
          +2

          Addresses are sometimes visible, or maybe visible elsewhere on the internet free.

          • Ghost47 on 28/07/2020 - 21:17

            @Crownanchor: Interesting… I haven't seen it before. But I will take ye olde word for it.

            • Crownanchor on 28/07/2020 - 21:18

              @Ghost47: Yeah, it depends on how it was registered, or if you query your business through certain channels.

        • mps41 on 28/07/2020 - 21:56
          +3

          Your postcode is publicly visible. I don’t know if any way to see an address from just an ABN registration.

          Personally, this doesn’t look like something that should be done based solely on this promotion without an intention to run a business. You’d probably have to lie on the ABN application if there is no intention of running a business at all. Realistically you won’t get in any trouble for doing that, but it is illegal and in theory you could get in trouble.

          On the other hand if the intention is there to run a business then this is probably a great promotion and you’ll need to register an ABN and provide your details anyway.

          • buffalo bill on 28/07/2020 - 22:10

            @mps41: Pretty sure when you register a trading name your business (or home in this case) becomes visible on the public ABR.

            ABN only shows postcode and state.

            • SlickMick on 29/07/2020 - 08:02

              @buffalo bill: What is this public ABR? From what I can see it just points you to ABN lookup.

              The ABN lookup has multiple record types: you can search by trading name/ business name or entity name/ abn/ acn, but you get the same details.

              • buffalo bill on 29/07/2020 - 10:06

                @SlickMick: Australian Business Register. Not sure of exact link at the moment but every business with a trading name has a registered address which is available.

                If they are smart it's an office or accountants address, but occasionally it's a home address.

                • SlickMick on 29/07/2020 - 10:14

                  @buffalo bill: ABR uses ABN lookup, which doesn't show address… I don't know whether it might for businesses registered in the distant past, but if you've registered recently, it only shows postcode.

    • AustriaBargain on 29/07/2020 - 06:52

      Registering a business name on ASIC costs about 30 bucks a year or so, something like that. You can trade under your own name but this deal asks you to register a name it looks like, i've already forgotten and I'm not scrolling back up to check.

    • icarus255 on 29/07/2020 - 12:18
      +1

      Lol you think that will be your biggest cost in all of this?
      It's about $15/m for the CBA transaction account and God only knows how much for the merchant plan/setup cost….

      • rover100 on 31/07/2020 - 07:16

        Pretty sure there's a $0 BTA option.

    • IVI on 29/07/2020 - 12:53

      Wrong Q… The Business Name is more likely to use up a chunk of your $500.

      It may be like a License - renewable every few years.

      Any1 have recent sample Fee details
      (in $ / year )?

      • icecold27 on 29/07/2020 - 14:22

        Business name fees
        Registering a business name
        The fees for registering a business name are:

        $37 for one year

  • TomGum on 28/07/2020 - 20:34
    +4

    Does it count for anyone with an ABN already but hasn’t really started a business?

    • Crownanchor on 28/07/2020 - 20:40

      Regarding an existing ABN, The T&C is below. How do you interpret this?
      5. Customers who do not register an ABN using a Backr Account, but register an ACN under section 4(a)(i), must provide a registered ABN to CBA when applying to open a CBA BTA. Customers who do not comply with this additional Eligibility Requirement will not be eligible for the Offer.

      4 (a) (i)
      Open and activate a business transaction account with the Commonwealth Bank (“CBA BTA”) and use the CBA BTA for the following activities by 31 December 2020:
      1 digital login AND 5 qualifying transactions between day 1 and day 56 of BTA opening; or

      • Bedgrub on 28/07/2020 - 21:06
        +1

        This is confusing - ‘register an ABN with a Backr account’

        They couldn’t really have some ATO tie in to actually create an ABN on your behalf right?

        • Sketch3 on 28/07/2020 - 23:02
          +1

          I'm also confused, in the exact same situation of having an ABN but I haven't started a business yet.

      • ChipsChicky on 28/07/2020 - 23:05

        Apparently it means that if you are not registering ABN (new) than you have to do ACN (new) and also provide registered ABN (existing) …. strange.

        • SlickMick on 29/07/2020 - 08:07

          How did you get that? If you already have an ABN (eg sole trader), you'll have to setup a limited liability company!!??

          It just seems to me that they're saying you have to have an ABN, so if you don't set it up with them (so I'm assuming this "Backr" does submit your application??), then you have to tell CBA your ABN some other way. I presume the application will ask for an ABN, and if you don't provide it, you won't be eligible for the offer??

          edit: strike my comment. I just read the conditions myself and it is very obvious:"register an Australian business number (ABN) or, subject to section 5 below, register an Australian company number (ACN); and"

          I already have ABN and not interested in ACN, so I guess no deal for me.
          That's a pretty small target audience: people who are establishing a business, but haven't got ABN yet.

  • povertytrap on 28/07/2020 - 20:37

    Registered.

    • Lizard Spock on 28/07/2020 - 22:55
      +2

      Did you register "Compu-Global-Hyper-Mega-Net" as the business name?

  • jjj123 on 28/07/2020 - 20:57
    +1

    $500 will be taxed as a business income , right?

    • Bedgrub on 28/07/2020 - 21:07

      I’d assume that it’s classified as a grant of some sort. Pretty sure private grants wouldn’t be treated any differently to venture capital though.

    • buffalo bill on 28/07/2020 - 21:27

      I would say so. Unless you're a charity, somebody is paying the tax on that $500, and I'd say they it'd be the recipient as income.

      • malaymail on 28/07/2020 - 21:55

        Typically new businesses would have higher expenses (start-up costs, etc) than income in their first years, so likely you won't pay tax on that.

        • buffalo bill on 28/07/2020 - 22:02
          +3

          Typically yes, however it's still taxable income.

          If you do manage to make a profit (which is what all business legally should aim for), that $500 would be taxed at the applicable rate.

      • IVI on 29/07/2020 - 13:33

        This just In: Big issues around a Canadian "charity" - The We Charity

        PM +:Finance Minister had "family ties" to it but failed to recluse themselves when they were about to give a $ 900 million contract for a Youth Volunteer program, without considering any other org'ns.

        Details:

        PM: His Mum & another family member were paid 6-digits of "speakers' fees" in recent past

        FM: "Forgot" [from 2017 thru 2020] to pay
        $ 41,000 (part of the amount the We Charity
        had paid for his family [holiday] trips, to several other countries.

        We "is Not Alone": The We charity has a
        Profit-Making "sibling" that was [earlier?]
        set up to provide funds to the charity, but
        - has recently been receiving $$ -from- the
        charity.

        The organisational structure is complex.

        Red Flags:

        In March, We'd Board resigned en masse,
        & a "massive" no. of employees were fired,
        according to a whistleblower (on a CBC
        report, today).

        Altho both PM + FM have "apologized"
        (PM's [3rd or 4th] Ethical incident since
        elected), the opposition's calling for their
        resignations.

        AU's likely got just as much unethical /
        corrupt business as Canada's current
        Gov't:

        1. Canada's investigative journo's are
          Much Better than any I've viewed here; &

        2. Both CBC + private media (eg, TVO) seem to get LOTS more time + / or resources
          to dig out & report the "dirt" & stories, and
          present the details more calmly & compre-
          hensively than AU media can -dream- of
          delivering.

        Sample for yourselves:

        CBC.ca
        app "CBC News"
        app "CBC Radio" (if you can get it)
        YouTube:
        + "Power & Politics" (CBC)
        + "The Agenda" (TVO)
        etc.

        IMO, folks who don't LIKE politics here
        likely feel so, by Not getting Quality
        Media Reports about Issues, Who's
        Running amok, how it all fits together,
        etc.

        PS CBC Radio, etc. Also have great
        politics-linked Comedy, both from
        Live Comedy Clubs (show "Laugh Out
        Loud") and shows like:

        • "Because News" &
        • "The Debaters"

        "Try some, you like it" ;~)

    • AustriaBargain on 29/07/2020 - 06:53
      +1

      If you're a sole trader then there's no difference either way, business and personal income is all the same thing.

  • hanofee on 28/07/2020 - 21:10

    It’s only registering interest with our email at this stage, then wait for their email in Sep to instruct the next step?

  • ironplus on 28/07/2020 - 21:18

    Omg I just finished my business plan today, is this a sign?????

    • Aerith-Waifu on 28/07/2020 - 21:24

      How to you start a business plan?

      1: Buy something on gumtree
      2: Sell on eBay
      3: Profit

      Godo enough?

      • Lizard Spock on 28/07/2020 - 22:53
        +3

        With all those eBay fees Step 3 will be a loss :(

    • ChipsChicky on 28/07/2020 - 23:06

      Have you used any software etc for that ?

  • coolsteps on 28/07/2020 - 21:22

    so people with an existing abn qualify or only new ones? also will the cba online business $0 transaction account count? do we need to apply for a cba merchant account too?

  • Shane34 on 28/07/2020 - 21:32

    Could this be exploited by ozbargainers with an on paper only business or too many hoops?

    • Crownanchor on 28/07/2020 - 21:37
      +6

      Probably too much work involved to really be exploitable.

      • guidedlight on 28/07/2020 - 21:38
        +4

        It's also fraudulent.

        • Shane34 on 29/07/2020 - 05:15

          Fair point

  • Trendyoz on 28/07/2020 - 21:32

    Whats the cost involved with all of these? ABN is free.

    • cucumber on 28/07/2020 - 21:57
      +2

      The fees for registering a business name are:

      $37 for one year
      $87 for three years

  • Mozgodrom on 28/07/2020 - 21:45

    Does ABN used for Uber qualify?

    • SnakeDoc on 28/07/2020 - 22:00
      +1

      If you compile a business plan for an entirely new business aside from uber I'd assume so.

    • payless69 on 29/07/2020 - 11:21

      remember uber drivers also need a GST rego for any ammount. Watch your $9/hr gross income melt to $6.- .

  • SpotTheOzzie on 28/07/2020 - 21:47
    +2

    From this is sounds like existing ABNs are out of luck, and ABNs must be created via Backr when they're running to be eligible.

    Why would you need a middle man to setup an ABN regardless =/

  • bargainatoraah on 28/07/2020 - 21:48

    ABN rego costs how much?

  • buffalo bill on 28/07/2020 - 21:50
    +2

    For those considering; not really worth setting up an entity to trade just for $500 before tax. At minimum you will pay for a trading name, have to submit BAS and pay more for a sole trader tax return unless you do it yourself, which is more complex than a payg employee return. That's all before you jump through CBA/Backr hoops.

    • ibuy on 29/07/2020 - 04:09
      -1

      Yes. Agreed. This is not a case of getting an ABN to get “free money”.

      Your ABN will be registered with the tax office who at the end of the financial year will expect to see you report income and expenses on your tax return even if it is nil or a loss. You will also need to complete an annual BAS return or a quarterly return at the minimum. If you do not then you will likely end up being contacted by the ATO as to why you registered for an ABN and did not report any income and/or expenses. This may then flag your return with the ATO as it could be viewed as trying to evade tax - not completing the business section of the individual tax return or if you set up a company not lodging a company tax return - after all, the purpose of an ABN is for business.

      One of the first questions it asks when you apply for an ABN is are you in business and you need to meet the tests to qualify.

      Note: this is not advice. Only general commentary. See your accountant or tax professional about whether you should have an ABN or not.

      • Bedgrub on 29/07/2020 - 05:16

        Isn’t lodging a BAS pretty straight forward though, particularly if it’s nil?

        • SlickMick on 29/07/2020 - 08:19
          +1

          yes, you enter 3 figures: Sales, GST withheld, GST on expenses. Submit. Done. When it's zero, it's a single click to prefill the 3 zeroes for you.

          Re tax returns,I'm a little behind but I'm not expecting the sole trader portion to make it any more complicated.

          Re "getting flagged", I've been a sole trader for several years, have had almost no income but lots of expenses, each year. Tax office actually seems pretty compassionate towards struggling small businesses, and want to encourage people to find ways to make money for themselves. If this is your first step, they'd pat you on the back, not investigate you.

        • buffalo bill on 29/07/2020 - 09:47
          +1

          It won't be nil, as you would have "income" from the 500 and expenses from trading name, setup etc.

          Not sure if you have to do through business portal these days as ato is moving away from paper.

          It may also be fraudulent to apply for an ABN on the basis of performing this.

          • SlickMick on 29/07/2020 - 10:27

            @buffalo bill: I think the question was regarding if a person doesn't do much business, the BAS will usually be zero. Yeah, they will be a couple of extra keystrokes for periods in which there are transactions.

            For a sole trader, it can be done through mygov, far easier than paper just coz paper needs to be posted.

            It isn't fraudulent to set up a business, it's encouraged. ATO would love this promotion, coz just maybe a few of those who go through this process will eventually do something with it and start contributing taxes and maybe provide employment, or get off welfare.

            It's not a burden on the government for a person to have an ABN.

            Am I bad bad citizen coz my business has achieved stuff all, and I have a loss carried forward every year? I don't think so, the ATO just says "here's some courses that might help you get going".

        • OneTonneRodeo on 29/07/2020 - 11:21

          For sole traders, BAS is only required if you are registered for GST. And that kicks in at the $75k cut-off, albeit optional prior to that threshold

          In my first couple years as a sole trader I didn't have to do any additional tax-related paperwork whatsoever beyond normal EOFY/income tax reporting obligations. Of course, add in business income/PSI and related deductions, etc. So an extra 5 minutes work when lodging through the ATO mygov portal. But nothing throughout the FY as was not registered for GST and under that cap.

  • [Deactivated] on 28/07/2020 - 21:52
    +4

    Too hard basket for people with a pre-existing ABN.

  • cucumber on 28/07/2020 - 22:16

    Question relating to registering a company, does anyone know why one would use websites like easycompanies.com.au ($559) vs registering directly with ASIC ($506) to register a company? Are there any advantages?

    • Jojo-Ma on 28/07/2020 - 22:38

      Through easycompanies: I'll give you a Bugatti and you're allowed to drive it without reading the manual (repercussions on you)

      Through ASIC: I make sure I lay out the steps for you to go through before you're touching your Bugatti door handle.

    • imissbeans on 28/07/2020 - 23:23

      I don't see the need to use an third party. The process through ASIC is quite straightforward. They have improved it over the past few years and now you can apply for a business name and company name all in the same process.

      • Jojo-Ma on 29/07/2020 - 01:28

        Indeed, they're quite straightforward. Not worth paying someone $53 for a few clicks.

      • ibuy on 29/07/2020 - 03:59

        When setting up a company you will need company deeds/document to be prepared to specify how the company will operate as well as comply with ASIC rules. It is not just a case of registering. You also need to consent to being a director and there are lots of legal obligations attached to this as a director and if you do something wrong that impacts someone and you haven’t set things up properly you could find yourself in serious trouble with not only the person affected but also ASIC.

        It is not just a case of registering a name like a business name. The differences between a business name and a company name are like chalk and cheese.

        Note: this is not advice. Just general commentary

      • cucumber on 29/07/2020 - 14:28

        Thanks. So I live chatted with easycompanies and basically this is how they justify the extra $53 which I think is fair enough:

        Our system is designed to be more user friendly, and you also have access to our Customer Support.
        In addition, if your application is rejected, we work with you to resolve the issue and get that company registered.
        Following successful registration, you will receive electronic copies of the following documents: (like ibuy mentioned above)
        - Your Australian Company Number
        - ASIC Certificate of Incorporation
        - Member Consent Forms
        - Share Certificates
        - Register of Members
        - Constitution
        - Copy of Form 201
        With ASIC you only get the Form 201 and the Certificate.
        We also offer phone support

  • w37hsyea on 28/07/2020 - 22:27
    +1

    alot of effort to acquire $500

  • klownvandamn on 28/07/2020 - 22:36
    -7

    Move this to forum please. Where is the bargain?

    • Jojo-Ma on 28/07/2020 - 22:41

      If free menstruation pads isn't a product for you, would it be classified as a bargain?

      Free money is #free# money afterall. No need to be sour about it just because it's not for everyone.

      • klownvandamn on 28/07/2020 - 22:54
        -6

        learn to use hashtags first please

  • Unsafe on 29/07/2020 - 08:11

    Online venture capital co. financed by the Commonwealth bank using an unfinished? cookie-cutter app.
    None of those three have an ethical track record when dealing with those with less capital than themselves.

    Now offering to buy into your business for $500, which they will claw back in transaction fees the Commonwealth will collect, from September, if the one to two months between then and now isn't long enough for x15ventures to completely rip your entire model.

    These guys aren't just gonna let $500 go like ING did just for signing up. They are savvy, young VC's with only four investments to date (nothing to lose), using incomplete infrastructure, but partnered with a bank's resources.

    Dodgey?

  • No Username on 29/07/2020 - 08:31

    Is it possible to have two ABNs under the same owner? As well as have two Commbank Business accounts in one account?

    • Crownanchor on 29/07/2020 - 09:06
      +1

      You can only have one sole trader ABN, but can register as many Pty Ltd companies as you like. Each different ABN must have a separate bank account, banks can allow multiple accounts in one login, but this is more specific to the bank and how its setup.

  • luffyex2010 on 29/07/2020 - 09:12

    I will get the $500 for my needs business sake.

  • [Deactivated] on 29/07/2020 - 09:41

    Is this like Grindr, but for entrepreneurs?

  • SnakeDoc on 29/07/2020 - 10:36

    What do they get out of it? How do they make money from this?

    • Jojo-Ma on 29/07/2020 - 11:13
      +1

      It's relatively cheap for them to buy a marvelous idea. Imagine Uber/Airbnb signing up to them, and that alone gives them the first priority to secure a partnership, VC, or even a direct buyout? Just my 2cents.

      • payless69 on 29/07/2020 - 11:26

        Exactly! For such large firms your soul is well worth lousy 500 bucks.

      • SnakeDoc on 30/07/2020 - 02:36

        You think they are hung to look though all the business proposals and try to buy into or buy out the good ones?

  • Jojo-Ma on 29/07/2020 - 11:18
    +1

    I really hope that the OzB community take this bargain with good intentions. We're in a bad economic situation now, and I believe these guys are doing the right thing to simulate growth in the SME/startup sector. The last thing we need is people who jumped on board to abuse the deal. If you are, then you're no different than our toilet paper hoarders.

  • payless69 on 29/07/2020 - 11:24

    $500 nice for a start. But perhaps it is also a way to lure the unemployed into being a sham contractor. Expenses guaranteed but nobody is going to help you collecting money.

  • icarus255 on 29/07/2020 - 12:25
    +6

    I think people are delusional if they think someone is going to give them $500 for starting up their business or "pretend" to start up their business. As a former business banker from CBA I'll tell you right now that merchant facilities aren't cheap and neither are the business accounts. You'll be charged for the merchant facilities either on the setup or the cancellation. The poster should detail these costs…
    A negative from me.

  • 50cent on 02/08/2020 - 21:37

    can under 18 do this?

  • harn.mui on 05/09/2020 - 23:41

    I'm quite late to this thread…would someone care to share what the rough costs of a Shopify/online payment facility for online sales, for a wordpress website?

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