Registering a business can be a simple and quick process. The hardest parts can be the name and asking who is the more organised part of your future organisation to be the record keeper. Registering the business early is valuable so that you can claim all your expenses associated with starting up. Things like having a website underway before you open the doors can be crucial and costly if not implemented early as even via professionals 'SEOs' as they are called to make you appear in searches take months to move up to the top.
When you are ready to begin the journey registering is one of the first steps, but there is something to consider before you do this, the business structure.
Businesses may have different forms of ownership, require protections of your assets or forms of registration at different stages. The Great Bean Counters can help you work out the most suitable structures such as Sole Traders, Partnerships, Trusts, Private Companies, a combination as well as compositions of share types.
The choice of structure will allow for efficient taxation, asset protection and suitable ownership rights. The kind of business and structure will also allow us to move then to establishing yur Tax File Number (TFN) and your Australian Business Number (ABN). When you have these you may end up needing to register for a few other things such as GST.
GST comes into play for your business in a few different ways that we can look at with you such as:
- Due dates and requirements for Business Activity Statement (BAS) submission
- Registration requirements
GST needs to be paid accurately to avoid fines, especially with increasing crackdowns on 'blackmarkets' including those that have kept poor records
Understanding when expenses including when tax is due is important for keeping your business afloat as you grow. Knowing when you may have a payment will allow you to save in advance or when is a time you are able to expand and invest further into your dream. We can assist you in understanding your cash flow.
Depending on how your business is structured there will be different taxation arrangements for your individual tax returns. Being paid via different arrangements such as shares, via trusts or using franking may impact upon how much tax you must contribute from your personal income.
Managing your personal tax, especially with differing income sources can considerably complicate things. There may also be legitimate claims from your work to include. We will approach your tax through dialog to ensure the best outcomes are reached and compliance is met.
Employee and Self Employed Superannuation
Set up any desired self-managed superannuation funds
Exploring your personal obligations for superannuation change for when you are self-employed
Assuring you understand legal obligations to your employees and contractors
Staffing and Labour
There are a few things to consider from the taxation side of a business around staffing and labour such as your legal obligations to contribute to super and PAYG withholding tax for employees. You may also need to consider the difference in a staff member to a contractor and ensure work cover is held.
From reccomending a suitable suiting for record keeping, to training you in using one correctly we can help equip you with the best record keeping solutions to ensure you can affordably dedicate your time and efforts where you are strongest.
To discuss your start-up business we can arrange a consultation from Moggill to Brisbane or the Gold Coast, or even come to you. We look forward to seeing you and hearing about your plans so we can help you plant your seeds in the best foundation.
A lifestyle change, a new purpose and pursuit or an improved idea to make your business better quality, more efficient or more profitable. Businesses can start with all kinds of motivations and empower you within your passions through providing agency. Maybe you just want to do the same thing and work less by cutting out the charges your boss takes out on top of your work. Whatever the motivation you will want to start up a business the right way so you can do things once, similar to the old phrase of measure three times and cut once.
The Great Bean Counters can help your Start-Up Business through accounting advice and services such as:
Did you know?
Between June 2012 to 2016 trusts had the highest survival rate of business entities, with 70.5% surviving.
You have the skills, the products, the potential and the abilities for your business, but first you will need an Accountant. In comes The Great Bean Counters, an accounting firm with the qualifications that engages personally with you on your unique adventure. We will be a part of that foundation through advising business structure, cash flow forecasting, GST registration, company registration, tools for effective record keeping as well as knowledge around taxation obligations and superannuation. We also will be there utilise that data and complete your tax return.
Did you know?
Only 43% of Australian businesses have a website