8 Things You Need to Do to Get Your Business Registered in Australia
Starting a new business can genuinely be an exciting moment, but it can also be an incredibly stressful time. With all the things that need to be done, you find yourself rushing around completing tasks in hopes to increase your business's chances of survival and success. One of these tasks is to get your business registered. Unfortunately, business registration can come in various forms. Because of this, understanding the different types of registrations is vital to register your business correctly.
With that being said, here are the various things you need to do to get your business registered properly:
1. Get PAYG
If you are hiring employees, you will want to register for PAYG (pay-as-you-go). Note that this is entirely optional. However, it will help ensure that everyone satisfies end-of-year tax liabilities, allowing you to collect tax from your employees.
2. Get an ABN
An ABN (Australian Business Number) is a must-have if you want to run your business legally in Australia. It is an identifier consisting of a unique set of numbers that will help identify yourself to various institutions and companies.
3. File for ACN
You can consider applying for an ACN (Australian Company Number) but this is optional, unlike your ABN. If you believe that you want to register as a company, then apply for an ACN.
4. Apply for TFN
TFN (Tax File Number) is something that else that you must apply for. In fact, you should apply for a TFN even before the business starts. That way, you have the tax file number you need before making income and paying expenses. Without one, you will not be eligible for tax returns.
5. Register for GST
After you have applied for your ABN, you can apply for GST (Goods and Services Tax). It is a 10 per cent tax added to all the goods and services you are going to sell. Note that it is not a must-have, but if your turnover exceeds $75,000, you have to register for it.
6. Register your name
Registering your name, along with domain name and websites, are not a must-do, but they are good to have. It makes your company much easier to find and identify yourself among other businesses.
7. Get licenses and permits
The licenses and permits you register for will be dependent on the type of business you are running. For that reason, some research on your industry and some specifically on your business is required to understand what you need to ensure your company is run legally.
8. Apply for trademarks and patents
You must protect any IP (Intellectual Property) you own through patents and trademarks. Otherwise, there is a risk someone else out there may copy what you do and effectively steal your brand.
As you can see, there are many things to consider registering for, some of which are optional and some that are required. If you are unsure about how to do this or need assistance, be sure to reach out to an accountant to assist you. Why accountants, you ask? That is because they will fully understand your business structure and have the knowledge of what you need to have to run your business legally! With that, go ahead and hire an accountant to help you out. Not only will they help you start your business on the right foot, but keep your business on the path to success!
New Wave Accounting are small business accountants in the Gold Coast, offering end-to-end bookkeeping and accounting services to help businesses grow. Work with us today and let us help your startup succeed!