Compliance Setup for
Startup Businesses
- Our Central Coast team are experts in setting up businesses and corporations.
- We can ensure your operation is compliant from a tax/ licensing perspective.
- The team are available for in-person meetings and can always take a call.
- We can act as a soundboard to brainstorm ideas.
Contact us today to arrange an initial consultation with no obligations.
What is a startup?
A startup is a newly established business venture that is typically in the early stages of development. Startups are often characterized by their innovative approach to solving problems, a scalable business model, and a focus on rapid growth. These businesses usually operate in high-tech industries and aim to disrupt existing markets with new products or services. Startups often require significant capital investment and strategic planning to navigate the challenges of early-stage development and achieve long-term success.
In summary, if you are starting a new business, it is important that you begin with solid foundations. A crucial stage in getting started includes preparing for taxation lodgements and ensuring business compliancy. The power of regular bookkeeping and accounting routines will create effective habits in the long run. Your business success is our foremost priority, and you can trust us to provide you with the tools for success.
Some of the Initial Things you May Need to Do as a Startup
- Register an Australian Business Number (ABN)
- Register a business name
- Apply for a Tax File Number
- Register your business for Goods and Services Tax (GST)
- Register for PAYG withholding
- Check the Personal Property Securities Register (PPSR)
- Consider insurance, such as public liability, professional indemnity, or income protection
Get In Touch
Our new clients are offered an initial consultation to explain their business and individual goals. During this initial meeting, we also take this opportunity to understand your requirements and how we can help you by looking into any obstacles that may prevent you from moving forward.
Starting a new
business is rewarding!
We love working with start-up businesses. After all, we were also a start-up once upon a time, and we can offer our understanding and insight to help you achieve your goals. If you have a start-up venture, we suggest you take advantage of our initial consultation to voice your business goals and let us know how we can help you.
Our Central Coast team of accountants and bookkeepers has a passion for business, particularly for new businesses starting out. While starting a business is a lot of work, it is also an exciting time. We will always be here to support your new venture and can offer advice and act as a sounding board for ideas if appropriate.
Frequently Asked Questions By New Businesses
How do I determine if my activities qualify as a business?
To determine if your activities qualify as a business, consider factors such as the intention to make a profit, the repetition and regularity of your activities, the size and scale of your operations, and whether you are operating in a business-like manner. The ATO provides guidelines to help you assess whether your activities constitute a business.
Am I eligible for an Australian Business Number (ABN), and how do I register for one?
Most businesses in Australia need an ABN to operate legally. You can apply for an ABN through the Australian Business Register (ABR) website. Eligibility criteria include carrying on an enterprise in Australia, and the application process involves providing details about your business activities and structure.
What are my tax, superannuation, and registration obligations as a new business owner?
As a new business owner, you need to meet various tax obligations, including income tax, GST (if registered), and possibly fringe benefits tax (FBT). You also need to pay superannuation for eligible employees and ensure you are registered for necessary licenses and permits. An accountant can provide guidance on meeting these obligations and staying compliant with ATO regulations.
What records do I need to keep, and how should I organize them for tax purposes?
You need to keep records of all your business transactions, including income, expenses, and any other financial activities. These records should be accurate, complete, and organized in a way that makes them easy to access and review. The ATO requires you to keep records for at least five years. An accountant can advise on best practices for record-keeping and help you set up an efficient system.
What business structure should I choose, and what are the tax implications of each?
The choice of business structure (sole trader, partnership, company, or trust) depends on various factors, including the nature of your business, your financial situation, and your long-term goals. Each structure has different tax implications, liability considerations, and regulatory requirements. Consulting with an accountant can help you choose the most suitable structure for your needs.
Do I need to register for Goods and Services Tax (GST), and how does it affect my business?
You must register for GST if your business has a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations). Registering for GST means you need to charge GST on your sales, lodge regular Business Activity Statements (BAS), and claim GST credits for your business purchases. An accountant can help you understand your GST obligations and manage your BAS lodgements.
How can I manage my cash flow effectively to ensure business sustainability?
Effective cash flow management involves monitoring your income and expenses, forecasting future cash flow, and implementing strategies to improve cash flow, such as timely invoicing, managing inventory, and controlling costs. Tools like the cash flow coaching kit can help you develop a cash flow management plan. An accountant can offer personalized advice and support in this area.
“At Tax Stuff, we help you to stay organised and set you up for success.”
