Registration is one of the most important steps to take when starting a business. It ensures you comply with Australian law and protect your company from legal issues.
The Commonwealth Government have made it easier to register your business online using the Business Registration Service. This helps you apply for key business and tax registrations.
ABN
The Australian Business Number (ABN) is a unique 11-digit number that every business must have. This number identifies each business and helps to make sure that they meet their financial obligations.
It's also a great way to distinguish your business from others and makes it easier to deal with government agencies. You can also use it to claim GST credits and fuel tax credits if you qualify.
You can register for an ABN by applying online or by using a tax agent. The process is free, but there may be a fee if you're using a tax agent to complete the application.
ABNs help your business to comply with a range of tax obligations such as GST and PAYG withholding. They also allow you to claim back GST credits, apply for fuel tax credits and take advantage of other incentives such as fringe benefits.
Business name
Registering your business name is a key step in starting and running a business. It helps protect your business and ensures that you are able to trade under the right name in Australia.
It is important to choose a name that suits your business and the services it offers. A name should be unique and easy to remember.
You should also check that your chosen business name is available to use by doing a search with the Business Registration Service (BRS). If your name is not registered you may need to apply for it as a trade mark.
You can register your business name for one year for $37 or three years for $87. You can also register a domain name for your business using the Australian Domain Administration (auDA). Have your Australian business number (ABN) and business addresses handy when you make your application.
Company
If you are a business owner who wants to start a new company in Australia, there are various options available to you. These include sole proprietorship, partnership and a company.
A company is a legal entity that has its own unique number - the Australian Company Number (ACN). It is a separate and independent entity, with its own set of rules and responsibilities.
The process of registering a company takes a few hours. It involves checking for an acceptable company name, preparing the documents and filing them with the registrar of companies.
Once the company is registered, it must have a legal registered address in Australia. This must be a physical address, not just a post office box.
The company must also have a minimum number of directors and shareholders, and must have at least one director who is an Australian resident. These requirements are based on the type of structure chosen by the entrepreneur.
Tax
There are a range of tax implications when setting up a business in Australia. This includes the type of business structure, the way in which your assets are used, and your tax obligations when paying employees.
The Australian Government has introduced a new service, the business registration service Australia, to help businesses register for all their key business and tax registrations online. The service connects with existing government services, reducing the time and complexity of registering a business.
It also helps you keep track of your compliance with the law. This can save you money and help you avoid penalties if you don’t have the right tax records in place.
The business registration service australia is a good way to start the process of establishing a business in Australia. It is free to use and it will help you get the right business registrations for your business, including an ABN and taxes like GST and PAYG withholding.