Starting a New Business

Implementation of a New Business

There are a number of important decisions to consider when establishing your business.

Decision on the business structure

The most common structures that business owners use to establish are individual trading firms; partnership firms; trusts; & private limited companies. We will assist you with picking the right structure that best suits your business needs.

Obtaining the required registrations

We will need to ensure that your business name is accepted and registered with Australian Securities and Investments Commission (ASIC). This should be done before establishing business cards, letterheads, logos, websites or purchasing a URL.

Applying for an ABN or TFN

In order to register to collect GST, every business needs an ABN number. Alternatively, if you are in a partnership, trust or company set up you will need a TFN from the ATO too. We will apply for these based on your requirements.

Opening a separate business bank account

A separate business account can save you time & effort in tracking your business expenses and income. We will provide you with the information on setting up the right account for your business.

Familiarizing yourself with PAYG and withholding responsibilities

If applicable, we will register your business for PAYG withholding and help you understand the taxable amounts to be withheld for employee payments. We will ensure that your business meets all its tax obligations.

Meeting your WorkCover obligations

We will need to ensure that you have adequate WorkCover insurance if:

  • you expect to pay more than $7,500 a financial year in rateable remuneration, or
  • you have any apprentices or trainees.

This applies even if you’re a small company with only one worker.

Understanding the tax implications of your business structure

We will establish a plan for how you will pay the tax that you will owe each time you lodge your tax return. You can either pay your tax via pre-payments, enter into instalments or put money aside for your tax bill, this will depend on your business requirements

Once your business is established, we will set up your reporting requirements for your business income and other tax information. This is done via Business Activity Statements & Income Tax Return.

Setting up in-house accounting software for running your business

Using accounting software saves hours of time compared to handling books manually. It helps reduce the collation of redundant data and increases the accuracy of information required for business reporting needs.

We will help you choose the right accounting software to ensure that you can generate your reports accurately. We are also just a phone call away if you need any assistance with the various features of the software.

Meeting your Superannuation Guarantee obligation

The Superannuation Guarantee is a compulsory contribution made by all employers on behalf of each of their eligible employees. The contribution is paid directly to each employee’s nominated super fund, or a default fund on their behalf.

If you run a business that employs staff, then it is likely you will be required to make Superannuation Guarantee contributions.

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