Starting your business
Choosing your business structure
Starting a business is a big decision, and needs careful research and planning well before you start trading. To begin with, you need to figure out what type of business structure to suit your business type.
When you start a business, it's very important to choose the business structure that best suits your needs.
There are four main business structures commonly used by businesses in Australia:
1. Sole trader
2. Partnership
3. Company
4. Trust
What benefits or tax advantage of different business structures you get will depend on what type of business.
Talk to us for a free advice.
Registering your business
You may need to apply and/or register:-
1. Company ; Trust ; Partnership ; or Sole Trader
2. Trading Names or Business Name
3. Tax File Number (TFN)
4. Australian Business Number (ABN)
5. Good and Services tax (GST)
6. Trade Mark or Logo (if necessary).
7. PAYG W (if you have employee, or if you are a Company)
8. FBT
9. Fuel Tax Credit
We provide all services of Business Registration with free advice.
Running your business
Running a business inevitably involves some paperwork and you must make sure you comply with your tax obligations. By understanding the very basics, you can make this relatively pain free.
Managing paperwork - tax invoices, wages, super, GST, expense payments
Goods and services tax (GST): You must register for GST if you are carrying on a business or enterprise and any of the following apply:
1. Your current or projected annual GST turnover is $75,000 or more ($150,000 or more for non-profit organisation).
2. You provide taxi travel.
3. You want to claim fuel tax credits.
4. You want to claim wine producer rebates.
If your annual GST turnover is below $75,000, you can choose not to register for GST.
Lodging activity statements (BAS or IAS)
* If you registered for GST, you are required to lodge the BAS (Business Activity Statement).
* If you do not registered for GST, you may /may not required to lodge the IAS (Instalment Activity Statement).
General speaking, you are required to lodge the BAS every 3 months (Yearly for very small business) to pay GST you are required to charge customers and claim the GST credits you have paid in your business expenses.
We provide the services to prepare and lodge your BAS. We also recommence you to choose the best method to prepare the BAS to help you save money.