starting own business and centrelink?

[beansbeans!]

So dh and I have got the ball rolling on our business Hopefully we will have our own restaurant by the start of november.

Obviously I need to tell centrelink about it, but I wasnt planning on doing that until the last minute, mainly because we still have to go through council and our opening date is still fairly idealistic. So I was wondering what happens with payments and reporting to centrelink and all that stuff when you have your own business? The business name will be under both our names too.

[briggsy's girl]

depends on what payments you're on
if just ftb, you can update your estimate at any time
if any other payments, you need to contact asap and discuss things like lodging profit and loss statements (you will need to project profit and loss for the first x months) - and sooner rather than later. if you're working on it now and having to put money in etc for approvals and things, you will need to contact now and discuss it

[beansbeans!]

thanks bg
We get fta and ftb, and rent assistance.
I think the only thing we have spent money on thus far is registering our business name. Its still early days, we put forward a proposal for the building we want and are waiting to hear back about it, and waiting to get the ok to view a couple of others. But if (when, because positive thinking is going to work) we get this building then hopefully the council and landlord will work with us to get it opened asap. Other than that we are organising to open up a business bank account.
I shall give them a call next week and have a chat to them. Although Im really not liking the sound of profit and loss statements. Stupid question but does that mean the estimate will come from the profit the business makes, not what dh will take home?

[briggsy's girl]

if you only get ftb and rent assistance, ask your accountant to rejig your estimate, update it online, and that's all the contact you need - nothing else required

[beansbeans!]

Awesome thank you so very much bg!
I will give them a call when we get everything more concrete, but it's actually been worrying me since our dream started to become reality. So as always you have helped tremendously