Setting up your business
If you have decided to set up your own business, there are certain things you must do before you commence work.
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ABN and business name
An Australian Business Number (ABN) is a unique number given to each registered business in Australia. You can set up your ABN on the Australian Government Business Registration Service website.
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You will also need to register a business name which you can organise at the same time as your ABN. You can search the Business Names Register to make sure your name is available before you start your application.
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You may also need to apply for a license or permit to run your business, depending on which industry you are working in.
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A comprehensive guide for starting your own business is available on the Australian Government Business website.
Tax and GST
There is a lot to know about tax and GST, particularly if you are a company and / or paying employee wages. You can have a look at the employment page of this website and/or look at the Fair Work Ombudsman website for further information on employee rights and entitlements.
You may like to get help from an accountant or use spreadsheets or other tools to manage your income and expenses.
The amount of tax you will pay depends on your business type, business structure and if you have any employees. You will need to register for Goods and Services Tax (GST) if you have a GST turnover of $75,000 or more. The Australian Taxation Office provides further information and advice on paying GST. If you are a business and registered for GST, you will need to lodge a Business Activity Statement (BAS) and pay GST and pay as you go (PAYG) tax instalments either monthly, quarterly or annually, depending on how much you earn.
More information on income and deductions for a business is available on the Australian Taxation Office website.
