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Bob Bain

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Friday morning.. [Jul. 4th, 2008|08:10 am]
Bob Bain
[Current Mood |hungryhungry]

I spent much of Wednesday increasing the share capital (equity) in the company formed under NEIS from 100 ordinary shares at $1 each to 10,000 shares at $1 each. The original funding was by way of $100 in share capital and a $5,000 non interest bearing director's loan. Centrelink asked for an interim profit and loss report from the date of incorporation (22nd. February 2008) to the 30th. June 2008 and that was sent early yesterday. There is no profit and I haven't budgeted for one in the early months. A form was sent to ASIC (Australian Securities and Investment Commission) regarding the change as is required under law.

I have taken out Professional Indemnity Insurance effective from 1st. July which is necessary both to protect the business from legal claims regarding financial loss and also necessary to obtain a Public Practice Certificate. I don't need a Certificate at this stage but will be applying for one this weekend. All the conditions for a Public Practice Certificate have been met.

I will also be registering for the GST even though it isn't essential until turnover reaches $75,000. I have been approved as a BAS Service Provider by the Australian Tax Office.

I had a couple of phone calls yesterday - one from the barrister referred to earlier and although we didn't get to talk I faxed some information to him.

I have also arranged to meet with my painter friend from NEIS this weekend. We intend to visit the Museum of Contemporary Art and the Art Gallery of New South Wales.

I have tentatively agreed to assist him getting his artwork onto the Internet which was part of his NEIS idea even though he didn't convey his ideas well enough to get approved.

...and for those in the United States "Happy Guy Fawkes Day" (July 4th). Someone mentioned it was Guy Fawkes day in the United States on the radio this morning - not strictly correct but oh well...