Hi
I have got a spot for a vending machine in a private business complex in Canberra. I bought a snack/drink vending machine. Do I need to have an ABN number and does this need to be registered as a business. This will be my only vending machine.
Thank you
Sole traders can (and I think are required to) apply for a personal ABN. Definitely required if you end up having to pay GST.
thank you.this is a confusing thing. not a big business but still need formal things done.
Definitely required if you end up having to pay GST.
one vending machine turning over $75k p/a? some spot op got there.
do you think an insurance is needed for this. It is going to be inside the building so not for machines safety. worried about public liability.thanks
worried about public liability
dynabolt it to the floor. replace the glass with shatter-proof acrylic/perspex sheet. stock with brand name drink/food. no generic stuff. cable tie or silicone the power cord. affix warning signs stating don't more or tilt.
did i miss something?
If it sells items that cause an injury. In theory, you could sue your suppliers if it was their negligence. In practice, liability insurance is likely a few hundred a year…
@jobs85: public liability is a must. What if something goes wrong in the machine and the wire blows up or some other event happens. It won't cost more than $200-$300.
@Sam J: these days some absent brained idiot would walk into it, no real injury or anything, they'd still sue for emotional distress due to embarrassment.
i wouldn't put anything in a public place especially something i want people to interact with without some sort of coverage which will probably require an abn to bring it back to ops question
thank you
That's so cool! Did it cost you much?
almost 10k . Bought the site and the machine together from someone.
Any bargains?
Vending machines never have any bargains (except for the ones you can shake to get free stuff).
sorry wht do you mean by bargain.
if it is the price it is 10k with the site.
Awesome, sorry don't worry. I meant the prices of the food.
Might not be food wink wink
Don't you need an ABN if you are running a business?
Vending Machine Business - Do I Need ABN?
thank You. I think so. I am going to apply for one.
You only need to apply for an ABN if you do 75k in sales or over.
Thats GST. You'll still need an ABN as it is a business.
You require an ABN if you are carrying on a business, even as a sole trader in your own name. It is free and takes 5 mins at the ATO site.
You don't need to register for GST unless you are turning over more than $75k. You probably don't want to register for GST, as the paperwork is a bit more involved, and your customers won't care.
When you do your tax return, you need to enter your income from the business. Remember to deduct the cost of goods sold, any expenses etc before reporting the income.
How you account for the expense of the machine really depends on how much it cost.
If you end up making more than, say, $5k per annum from the machine in profits, it might be worth looking at setting it up a bit differently if you are in a higher tax bracket.
thank you so much lot of information
could I get Some more info from you? I am public servant still can I start this business or any restriction?
You will need to check your workplace policies. For example, my contract says I can't work for another employer while working here.
But i can't believe there is any way anybody would know, or find out. And if they did, just say they are your cousins, and you were helping him.
thank you mate
Reason why I love this site. Some people may see this question as straight forward but not everyone is the same. Great answers above and just wanted to drop my fat ass in somewhere. Good luck OP and sell some peanut butter cups :D
I bought a vending machine once that was inside an RSL. I think I paid about $5k.I remember going to collect the money after the first week and the machine wasn't there, I asked the staff where it was and they said they had put it away the night before as they had a function on. I thought having a function would mean extra income for me but they said when it gets too busy they put the machine away. I quickly got my money back from the seller.
its so easy and quick to set up an ABN and requires no extra work (ie at tax time) unless you use it and use it above certain limits you might as well do it just because
I know this is an older post but I'm considering buying a couple of vending machines. I've got a commercial building as a spot that has already agreed.
How has your experience been? And where did you buy from? How did you come up with your ROI?
I know this is an old comment but did you end up going through with this? How did you go?
No, you don't have to register it as a business, as you are a sole trader trading under your own name.