There are a lot of things to consider when starting a new business. Here are some of the big ticket items:

Business Structure

Is a company, partnership, sole trader, trust, or a combination of these the right structure for you to go into? Making the right decision now can help make a big difference later. We consider different taxation outcomes, asset protection and succession planning issues to fit your situation.

Registrations:

On top of your Tax File Number and Australian Business Number, we can assist in registering for a range of services and obligations, including GST, PAYG, fuel tax credits, Workcover, business names and many more, making sure you start out on the right foot.

Record Keeping:

There are many different record keeping options, from basic spread sheets through to complex accounting systems, off-the-shelf programs and cloud-based products. It is important to consider the functionality, affordability, accessibility of all these options and ensure it suits your business. We also provide services to assist you learn the ropes where you need.

It’s important to stay on top of all your obligations and not allowing them to snowball. Forgetting or ignoring them can have serious consequences and fines.

If you are unsure you should always talk to an accountant about your obligations to the Australian Tax Office, as sometimes arrangements, extensions and compromises can be made to assist your situation.

Contributed by:  Alison Murphy