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  1. #109
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    Default Re: CNC router build

    Thanks guys....When i purchased my 6040 i also purchased Mach3 and CamBam both licensed

    My wife reckons i should register an ABN, says i am spending way too much money on tools etc...and its going to get worse. Any comments/ideas on this?
    The cnc build would be around $12 000 and the shed around $14 000....



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    Default Re: CNC router build

    You should probably talk to an accountant about that, that's a pretty big chunk of change.
    In the US you could deduct that against any small business income (not against normal salary income though.) I don't think you need to explicitly have a business to do so either, having an LLC or the like is mostly to protect your assets (if something you make breaks and injures someone they can only go after your business assets, not your personal assets.) I'm sure laws vary widely though.



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    Default Re: CNC router build

    Quote Originally Posted by skrubol View Post
    You should probably talk to an accountant about that, that's a pretty big chunk of change.
    In the US you could deduct that against any small business income (not against normal salary income though.) I don't think you need to explicitly have a business to do so either, having an LLC or the like is mostly to protect your assets (if something you make breaks and injures someone they can only go after your business assets, not your personal assets.) I'm sure laws vary widely though.
    Thank you.....talking to an accountant would be the smart thing to do



  4. #112
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    Default Re: CNC router build

    Going down the accountant path is only when you start making money for real and need to have machinery and materials etc tax deductable.

    In that World all you get back is 30% of your outgoings.........and machinery is killed over 4 years.

    So, if you make 10 grand a year you'll pay 30% of that to the tax man less of course what you claim on 1/3 of your outgoings

    It will cost you money up front for tooling and raw material to make the job and you only get 1/3 of that back a year later.

    Even as a small time business start up you need to have at least 10 grand in the bank to see you through the first year and that does not cover the cost of buying the machinery.

    There is a huge dividing line between real business and spare time hobby business where you make pocket money for fun and to cover material cost.

    When I ran a business in '95 I was able to tax deduct 1/4 of all my household bills against the business.....that's where the accountant earns his money.......AND you must keep all your household outgoings and business costs recepts for at least 7 years after the end of the business period 'ços you can still get audited after that time.

    Take very good advice from a tax consultant before you dabble with business or you will get burned for sure.
    Ian.



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    Quote Originally Posted by handlewanker View Post
    Going down the accountant path is only when you start making money for real and need to have machinery and materials etc tax deductable.

    In that World all you get back is 30% of your outgoings.........and machinery is killed over 4 years.

    So, if you make 10 grand a year you'll pay 30% of that to the tax man less of course what you claim on 1/3 of your outgoings

    It will cost you money up front for tooling and raw material to make the job and you only get 1/3 of that back a year later.

    Even as a small time business start up you need to have at least 10 grand in the bank to see you through the first year and that does not cover the cost of buying the machinery.

    There is a huge dividing line between real business and spare time hobby business where you make pocket money for fun and to cover material cost.

    When I ran a business in '95 I was able to tax deduct 1/4 of all my household bills against the business.....that's where the accountant earns his money.......AND you must keep all your household outgoings and business costs recepts for at least 7 years after the end of the business period 'ços you can still get audited after that time.

    Take very good advice from a tax consultant before you dabble with business or you will get burned for sure.
    Ian.
    Ian i will do that for sure. I am already paying a lot of tax on my wage. Last thing i need is paying more tax!



  6. #114
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    Default Re: CNC router build

    Hi, yes, the tax burden is a heavy one .....some seem to be able to pay no tax even when earning multi millions etc.

    You will need to separate the consumables like cutters, drills and raw material costing from the machinery costing as they are tax returned at different levels.

    Qu8ite frankly, unless you're intending to go into business completely to earn your crust that way, it probably isn't worth going the tax consultant path.

    Make a few things and sell them on EBAY is the easy peasy way......low profile, pocket money etc......if you start getting into making big bikkies that's where it gets a bit tacky.

    For a hobby scenario, as long as you can get some return on your outgoings that would be good......but a thousand widgets at a dollar a piece won't pay for your machinery outlay or let you give up your day time job and you still have to deliver them somehow.

    If you made some dough on the 6040 you'll probably make the same on the new build.....better machine, better parts.
    Ian.



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    Default Re: CNC router build

    Quote Originally Posted by handlewanker View Post
    Hi, yes, the tax burden is a heavy one .....some seem to be able to pay no tax even when earning multi millions etc.

    You will need to separate the consumables like cutters, drills and raw material costing from the machinery costing as they are tax returned at different levels.

    Qu8ite frankly, unless you're intending to go into business completely to earn your crust that way, it probably isn't worth going the tax consultant path.

    Make a few things and sell them on EBAY is the easy peasy way......low profile, pocket money etc......if you start getting into making big bikkies that's where it gets a bit tacky.

    For a hobby scenario, as long as you can get some return on your outgoings that would be good......but a thousand widgets at a dollar a piece won't pay for your machinery outlay or let you give up your day time job and you still have to deliver them somehow.

    If you made some dough on the 6040 you'll probably make the same on the new build.....better machine, better parts.
    Ian.
    I totally agree with you. It's the wife who suggested reg an ABN.....i rather stay low key on the hobby stuff



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    Quote Originally Posted by ericks View Post
    Thank you.....talking to an accountant would be the smart thing to do
    A lawyer wouldnt hurt either. A good lawyer would be able to explain yiur risks and liabilitues. Generally if you want to sell a product or service you need some sort of corporate protection and some good insurance.

    The unfortunate reality is that you can be found liable for all sorts of stupid people tricks. As such you need the legal protection and reasonable insurance coverage.



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    Default Re: CNC router build

    Wow.....that's diving into the deep end of the shark tank........I formed a $50 business in '95 because the firm I worked for and wanted to do sub contract work for would only work with a registered business........when the product run I was making finished so did the business, it was just a means to an end.

    The problem with a business is it's like running a race downhill without any brakes.......once you're in it you only get deeper and the complications will get more too.....like feeding a hungry pig without the chance of having any bacon at the end of it.

    Yeah.....customer liability and litigation.....the stuff nightmares are made of..........industrial insurance is just one more brick in that wall.......in the end the returns are something like 10 cents in the dollar.......no holidays, long week ends, long service leave,overtime pay or rostered days off, and sickies come out of your pocket too......oh yeah, and no watching TV on that big screen you indulged in.
    Ian.



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    Default Re: CNC router build

    I will not rush into anything for sure. Completing the shed and the cnc build is enough to keep me busy for a long time



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    Default Re: CNC router build

    Buy this instead

    CNC router build-23130801_10210305148124667_8067528566070806154_n-jpg

    CNC router build-23031572_10210305148164668_7345408622906460117_n-jpg

    Aluminum 0.5-0.8mm depth cut on a 1/4 shank 2 flute carbide bit (for wood) guaranteed, 4000 FRO, doubled the speed on your current set-up, built in pump for coolant (Metal cutting constant temperature), I really envy this machine in the shop, been saving money to buy my own like this, (sold my 2 motorcycles already) more stronger because the table itself is the one moving (X,Y), ordered mine for just $1100, less maintenance on the ball screws because it`s hidden underneath, cuts aluminum like a piece of cake, steel? no problem (0.4mm) shipping cost a bit higher because it`s a 70Kg. machine. I cant wait to have my own

    Attached Thumbnails Attached Thumbnails CNC router build-23130801_10210305148124667_8067528566070806154_n-jpg   CNC router build-23031572_10210305148164668_7345408622906460117_n-jpg  


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    Default Re: CNC router build

    Quote Originally Posted by KH0UJ View Post
    Buy this instead

    CNC router build-23130801_10210305148124667_8067528566070806154_n-jpg

    CNC router build-23031572_10210305148164668_7345408622906460117_n-jpg

    Aluminum 0.5-0.8mm depth cut on a 1/4 shank 2 flute carbide bit (for wood) guaranteed, 4000 FRO, doubled the speed on your current set-up, built in pump for coolant (Metal cutting constant temperature), I really envy this machine in the shop, been saving money to buy my own like this, (sold my 2 motorcycles already) more stronger because the table itself is the one moving (X,Y), ordered mine for just $1100, less maintenance on the ball screws because it`s hidden underneath, cuts aluminum like a piece of cake, steel? no problem (0.4mm) shipping cost a bit higher because it`s a 70Kg. machine. I cant wait to have my own
    I have to be honest with you, i won't easily buy another "Chinese" machine



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