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Starting a business is exciting but can also be challenging if you are not prepared or are overseas. This guide will take you through each step of starting your own company in Australia and help make sure that all aspects are taken care of before launching into this new adventure in Australia!
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Starting a business is exciting but can also be challenging if you are not prepared or are overseas. This guide will take you through each step of starting your own company in Australia and help make sure that all aspects are taken care of before launching into this new adventure in Australia!
1. Make key decisions early on to avoid the hassles and headache later down the road Key decisions have an enormous impact on your business - these are the ones you want to make early, so they do not come back and bite you in the ass later. Some key questions include: What licenses do I need? How much tax am I going to owe if this goes through, anyway? And what paperwork did someone else tell me was necessary but turns out not be at all...?
Decide on a business structure - There are many different legal entities you can choose from to run your small businesses, but it is important that the one chosen suit both yourself and what needs doing. It is also wise for an expert opinion before moving forward! • When starting a business in Australia, it is important to find out if you are hiring an employee or contractor before entering contract negotiations. There are many benefits and drawbacks of each type that could affect your bottom line so make sure not only do they have the appropriate permissions but also know their legal status for taxation purposes as well!
2. Plan your Business Business planning is the process of strategizing about your future and seeing how it all comes together. There are many aspects to this, but first you need to analyse yourself as an entrepreneur so that way can plan for what is ahead with clear eyes. Planning out your business gives you direction and keeps your business on track. You will also need a business plan if you seek finance.
One must also create your risk management plan - Having a good risk management plan in place will help guide the business decisions you make and reduce the impact of unexpected events on your business.
3. Get the help you need Finding a way to stay afloat in business can be tough. We have got everything from general advice for entrepreneurs and other small-business owners, finance options no matter what level they are at - all combined with mental health support so your mind does not get too bogged down by worries or concerns!
Know the law - It is no secret that every business, whether it be big or small has legal requirements for running their company. If you do not protect themselves legally then you are exposing yourself to risk. An effective way starts off strong in this department is by speaking with a qualified professional about what you need and how best we can go about meeting those goals together • Know your finances - It is essential to take charge of your business and know how you are going make the most out it. It could be a matter of life or death for some, so do not procrastinate - speak with an expert today!
4. Register your business To make it official, you will need to register. This makes sure your business gets taxed at the right rate, avoids penalties, and protects your brand and ideas. Once you have decided on your legal structure (Company, Trust, Sole Trader), you are required to register:
Australian business number (ABN) - An Australian business number (ABN) is unique to your business. Customers, suppliers, and the Australian Taxation Office (ATO) use this number to help identify your business. An ABN is free to register. • Business name - A business name helps your customers identify your business from others. If your business name is different to your own name, you will need to register it. • Tax registrations for your business - Not all taxes will apply to your business so it's important to know which taxes will apply before you register or seek professional help.
5. Protect your business You invest too much time and money in your business to lose it. Protect your investment by planning. • Manage work health and safety - As a business owner you are responsible for managing health and safety for you and your employees in the workplace. • Understand business insurance - Insurance can help protect your business and your employees against the worst of situations. Find out which types of insurance are essential for your business and those you may want to consider.
6. Prepare for tax Knowing when various lodgements are due is essential to staying on the right side of the ATO. As a starting point, we suggest that you put your BAS lodgements and Tax Return due dates in, as these are mandatory for all businesses. Getting on top of your taxes now can make things easier overall. It can help you avoid penalties and make sure your business is taxed at the correct rate.
Keep the records right - It's important to keep up with your records. A good record keeping system can help you get on top of the mountain, but also track progress and seek finance if necessary! • Understand taxation for your business - Understanding tax requirements is important for making sure your business has the correct paperwork and avoids penalties. Get an overview of record keeping, registering with the government to file taxes as well as paying them when they are due! • Learn how to lodge and pay for tax - You need to know what type of business structure you have and if a Business Activity Statement (BAS) is needed.
It's very important to have an experienced advisor guide you through the set-up of your business in Australia. Specially from overseas, iKeep Bookkeeping is well placed with the backing of one of the top accounting firm and access to the best legal advisor. If you are looking to set up business in Australia speak with one of our consultants today!
