Before establishing a business you need to contract a qualified accountant to find out all the tax and superannuation obligations. An accountant can help you develop a business plan and a checklist of all the requirements.
Advice needs to obtained on registering for GST, registration, business name, ABN
An accountant can help set up the invoicing, payments and record systems from the beginning to help avoid problems down the track.
This practice can assist with payroll matters such as PAYG withholding registration, Payroll registration, workers compensation, WorkCover.
The business structure is very important. The basic entity is a sole trader or partnership.
This is the cheapest way to set up but the problem is that the assets of the individual can be called upon to pay the debts of the business operations.
A partnership can gain access to more capital and share skills. A partnership can be formed with any partner combination, say 50: 50 or 20: 80 depending on how much each partner contributes to the business.
A company is a separate entity and operates in its own right. The shareholders assets are quite separate from the companies.
A trust is used extensively in primary industries. For example a discretionary trust a trustee can distribute the income to low income earners.
The practice can provide the full company accounting and tax requirements including: