Setting up a business can be an exciting venture, but every entrepreneur should be careful to obtain professional advice from a qualified Accountant. Failure to do can cost your business dearly. Here are some essential tips for anyone starting up a business:
1.Apply for an ABN (your business identifier with the ATO)
2. Register for a business name with ASIC
3. Apply for GST if applicable (conditions apply)
4. Open a business bank account
5. Choose a business structure from the following – Individual, Partnership, Company or Trust
6. Choose a bookkeeping software relevant to your business
7. If you pay wages, consult your accountant regarding statutory requirements such as Superannuation, Payroll Tax & Workcover.
Tax planning can be complex, and it is crucial that you seek advice regarding what structure will assist you in minimizing tax whilst adhering to ATO requirements. There are many aspects of tax that may affect your business that also depend on the structure you use, such as Fringe Benefits Tax, Company Tax, PAYG, etc. Don’t start your business flying blind. Arm yourself with the best possible advice, and you set yourself up to be in a position to increase your profits – after all, isn’t that why you went into business in the first place– to make money? Contact the tax team at Premier One if you have started a business and are unsure if your structure is suited to your business. Email [email protected]