The 5 Key Things to Consider When Starting Up a Business in Australia

THE 5 KEY THINGS TO CONSIDER WHEN STARTING UP A BUSINESS IN AUSTRALIA Offering an abundance of opportunity for businesses to succeed, Australia has long been a country where small to large businesses have flourished. If you're looking to start a new venture, your chances of success are great in the land down under. What are the 5 vital things to consider before doing business, though? BUSINESS STRUCTURE Choosing the right structure for your business is key to your success. Go for the best one that suits your needs. SOLE TRADER You're in total control of your business. PARTNERSHIP You're conducting business jointly with others. СOMPANY Shareholders own the company, while directors run it. Hot Tip: Have a think about the budget, time, and paperwork required by each legal structure to have a realistic look at the costs and risks involved. BUSINESS REGISTRATION Decide on a business name. Make sure it's catchy and easy to remember and spell so clients can Google you with no trouble. Hot Tip: Check the National Names Index to see if the business name you want is available. If it is, it's best to register it as a domain name, too. AUSTRALIAN BUSINESS NUMBER ABN helps identify businesses in public records and simplifies dealings with the bank, tax office, and other gov't departments. ABN Hot Tip: While having an ABN isn't mandatory for a hobby business, majority of business owners will need one for invoicing or creating purchase orders. GOODS & SERVICES TAX If your turnover exceeds $75,000 (or is likely to exceed it), you'll need to register for GST through the ATO. AT Australian Taxation Office Hot Tip: If you've just started a new venture and expect it to meet the $75,000 thresh- old or more in its first year, then you may go register for GST. EMPLOYEE BENEFITS It's important that you understand your obligations toward the people who work for you. Know your legal duties in terms of: J. ТАX I EMPLOYMENT RECORDS INSURANCE ТАХ SUPERANNUATION HEALTH & SAFETY Hot Tip: Visit the Fair Work Ombudsman's website to learn more about employers' responsibilities, employment categories, and minimum wage calculation. Ready to maximise your chances for success? Visit www.allianceaccounting.com.au today to consult with a business expert.