You are required to post THREE responses in this Forum.You may choose which article you would like to discuss, however AT LEAST TWO post needs to be a DIRECT RESPONSE to another students post. In considering the development of your responses, you will need consider what each of the articles are concerned about and what the relevance to the tax system is. For example, is the topic about some event that has occurred to a particular taxpayer(s) or perhaps there is a particular kind of activity that needs considering? Determine what the relevant tax issues might be, in terms of the topics we have been covering in this course.There is no mandatory word limit, however a good guide is to consider a paragraph or two, per post. You should not post lengthy responses to the forum and each post should focus on ONE ISSUE only. You may continue the conversation as it naturally evolves and post further responses.
7/20/2020 Coronavirus Victoria: Teen entrepreneurs made $70k during lockdown https://www.news.com.au/finance/business/retail/coronavirus-victoria-teen-entrepreneurs-made-70k-during-lockdown/news-story/d875bf9e99b98… 1/8 JULY 13, 2020 8:36AM business retail Coronavirus Victoria: Teen entrepreneurs made $70k during lockdown Two teens made $70,000 in a month at the height of Australia’s lockdown, more money than they had in the rest of their lives combined. Alex Turner-Cohen 40 comments ___ finance @AlexTurnerCohen Two teenagers who made $70,000 in a month selling brainteaser puzzles at the height of Australia’s lockdown are setting their sights on Melbourne as the state re- enters Stage Three restrictions. Aspiring entrepreneurs Lachlan Delchau-Jones, 18, and Taylor Reilly, 19, from Brisbane, made more money in April to May this year than they had in the rest of their lives combined, by selling brain teaser craft and hobby products to bored Aussies around the country. RELATED: ‘No alternative’ sees remote learning return to Vic schools RELATED: Victoria’s scary coronavirus numbers Video Image advertisement Futurity Education Bonds: a dedicated, tax effective investment product. Futurity Investment Group Learn more In need of some more income or petty cash? It turns out there are several easy and legal ways which you can rake in the extra dough on the side through the Internet. Log in Sign up. Why? 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It comes as Victoria recorded its largest number of coronavirus cases yet, with 273 new infections overnight. “It was a month-long project, a COVID-19 experiment,” Mr Reilly told news.com.au, referring to the successful online store that he ran with his mate from their bedrooms on different sides of Brisbane. “We ran it for 28 days. Then we slowed it down when we started to come out of lockdown.” FROM NEWS.COM.AU Stay updated with the latest in the world of entertainment. Sign up now Though they might be young, this dynamic duo are not ones to pass up an opportunity. “We’re thinking of looking at Melbourne now that there’s a second wave,” Mr Reilly confirmed to news.com.au. “We’re really going to start pushing it in Melbourne.” And Mr Reilly’s ambitions don’t end there. “We have a big thing for wanting to venture internationally,” he said. “With the riots going on, COVID-19 is going to come back, and that brings opportunity.” Not just your average teenagers. Lachlan Delchau-Jones (left) and Taylor Reilly (right) earned more than $70,000 at the height of Australia’s lockdown. Source:Supplied Mr Reilly studies IT and Business, and decided to take a year off for 2020. His business partner, Delchau-Jones, moved out of home when he was still in high school to pursue a career in entrepreneurship. They met online because of their shared interests, and soon became fast friends. Then the pandemic hit. Log in Sign up. Why? 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Source:Supplied The boys’ idea was conceived as they were cooped up in their Brisbane homes, bored and lonely during lockdown. They knew that the lockdown was presenting a literal once-in-a-century business opportunity but needed to decide on the right product. Although face masks and hand sanitiser presented a lucrative opportunity, they wanted to be ethical business operators. After watching a segment on TV about purchases of brainteaser puzzles skyrocketing, they had a light bulb moment. “We sat down trying to finish our website in a few hours,” Mr Reilly said. For most people, it would take about a week to set up a website, according to Mr Reilly, but he was able to complete a rough site in a matter of hours because of his IT knowledge. Meanwhile, business partner Delchau-Jones was sourcing the product. The newly- graduated 18-year-old found a supplier in China and then forked out some starter cash for a Facebook advertisement campaign. “What we did was called drop-shipping,” Mr Reilly explained. “That’s the main difference with our business. “Most businesses have a warehouse in Australia – usually have to pay tens of thousands to store their products. “Instead, we ship the product to customers directly.” TRENDING IN FINANCE Between working 1301 READERS Commonwealth Bank launches anti-domestic violence and financ... Log in Sign up. Why? 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Source:Supplied Essentially, the boys planned to buy the product off their supplier, then mark up the price and sell it on. “It literally costs no money – buy the product, and someone buys it from you,” Mr Reilly said. “People don’t realise how easy it is to set something like this up.” Lachlan Delchau-Jones has been dabbling in entrepreneur projects since he was 14. Source:Supplied Knowing timing was vital as Australians would be seeking ways to stave off boredom over the impending Easter long weekend, the teens worked well into the night. Their business website officially went live on April 10. They weren’t expecting too many sales, but figured anything was better than nothing. “We went into it thinking ‘let’s try and make a couple of hundred dollars this weekend,“ Mr Delchau-Jones said. What happened next far exceeded the boys’ expectations. “The first day we were in business we made $600 bucks,” Mr Delchau-Jones revealed. Just four days later, they’d made $16,000. advertisement remotely and working securely, there's Webex. Learn more Log in Sign up. Why? National World Lifestyle Travel Entertainment Technology Finance Sport Virus cases mount at Woolies sites Ikea worker positive for coronavirus Retailer in trouble for ‘misleading’ discounts Another club shut down in COVID hot spot MORE IN BUSINESS javascript:void(window.open(window.clickTag)) https://www.news.com.au/features/v3/dnac-988/when-you-register-with-news-com-au-you-unlock-all-the-special-features-on-Australias-largest-news-website-for-free/ https://www.news.com.au/ javascript:window.open(window.clickTag) https://www.news.com.au/national https://www.news.com.au/world https://www.news.com.au/lifestyle https://www.news.com.au/travel https://www.news.com.au/entertainment https://www.news.com.au/technology https://www.news.com.au/finance https://www.news.com.au/sport https://www.news.com.au/national/victoria/news/more-positive-coronavirus-cases-at-woolworths-mulgrave-distribution-centres/news-story/72dee061da6998a9165816722613c944 https://www.news.com.au/lifestyle/health/health-problems/ikea-coronavirus-marsden-park-distribution-worker-positive-to-covid19/news-story/4b69331430095bc6f1cd8f072c53f1f3 https://www.news.com.au/finance/business/retail/federal-court-rules-kogan-sale-promotion-was-misleading/news-story/4d1bd21bae28bf45fda16a415150e105 https://www.news.com.au/lifestyle/health/health-problems/sydney-sports-club-closes-for-cleaning-after-covid-case-uncovered/news-story/5967871f2f345f9246a2ca48e023f3a7 7/20/2020 Coronavirus Victoria: Teen entrepreneurs made $70k during lockdown https://www.news.com.au/finance/business/retail/coronavirus-victoria-teen-entrepreneurs-made-70k-during-lockdown/news-story/d875bf9e99b98… 5/8 Comments Show comments Within days of starting their business, the two boys were overwhelmed by customer demand from bored Aussies. Source:Supplied They only needed to spend 10 per cent of that on Facebook advertising. When they ended their “experiment” a month later, on May 10, they had made a staggering $70,326.93. Overall, they made $70,326.93 in a month. Source:Supplied Although Mr Delchau-Jones went and rented a flashy apartment, life hasn’t changed much for Mr Reilly. He’s saving it up for his next big venture — which seems to be Melbourne. SPONSORED SPONSORED Aussie victims of $700k Covid scam Ki h d k h l h We Recommend Talory™ Healthy George These Reusable Facemasks Are Suprisingly Beautiful Too - for $12 Gwen Stefani, 50, Takes off Makeup, Leaves Us With No Words Log in Sign up. Why? 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Over the years, the Sydney distillery has built a reputation for producing award-winning gins, whiskeys and rums. Their core product range is found widely in bottle shops and bars; their seasonal releases regularly sell out. But it's their latest product that's facing unprecedented consumer demand. The distillery, like many others around the country, is producing hand sanitiser in a bid to overcome nationwide shortages. The first batch, made in early March, was for business use only – as the company had trouble sourcing the product for its bar operations. Then came the Federal Government's social distancing crackdowns – the limit of 100 people indoors, the closure of pubs, the