The team at Maitland Accounting and Taxation are frequently asked – How do I set-up a small business?

If you are establishing a new business please consider the following;-

* What business structure will you operate the business under?

In Australia we have Companies, Family Trusts, Unit Trusts, Partnerships & Sole Traders. It is extremely important that you consult your accountant to determine the appropriate business structure for your business. You must consider the tax effectiveness & risk of the business structure.

* Will the Business structure have an ABN (Australian Business Number) and a TFN (Tax File Number)?

Yes, apart from a sole trader. All other business structures will have their own ABN & TFN.

* Will I need business insurance?

Yes, you will need to discuss or have a meeting with an Insurance Broker or Insurance Company to discuss the relevant insurances for your business. I would strongly advise that you don’t trade or operate the business without the advised insurances in place.

* Bank Accounts?

You should establish a General Business Trading account & BAS Bank Account (GST, PAYG & Company Tax).

* Bookkeeping Software?

With advances in technology, businesses now have the option of using programs such as Xero, MYOB, Quickbooks, Cashman & Cashflow. We can assist & train you in all of the programs.

* Do I need to register for GST? & When are you required to register for GST?

We can voluntary register for GST at any time or there is a turnover (sales) limit that requires businesses to register for GST.