Starting a Business? Here’s What You Need to Know
Thinking of starting your own business? The ATO reminds new business owners that getting it right from the beginning is key to long-term success. Here are the top seven things to keep in mind:
- Go Digital and Stay Organised
Using digital tools and keeping accurate records can help you manage your daily operations and cash flow more effectively. - Register the Right Way
Make sure you've completed the necessary registrations—this may include applying for an ABN, registering your business name, and more depending on your setup. - Claim the Right Deductions
You can generally claim a deduction for most business-related expenses. Just remember to keep good records and only claim the business portion of any mixed-use costs. - Choose the Right Structure
Whether you're setting up as a sole trader, company, partnership, or trust, your business structure will impact your tax and reporting obligations—so it’s important to choose wisely. - Understand Employer Obligations
If you’re hiring staff, you’ll have additional responsibilities such as paying superannuation and reporting through Single Touch Payroll (STP). - Stay on Top of Lodgements
Lodging and paying your taxes on time is essential. You might also need to pay tax instalments in advance through the PAYG system. - Good Habits Build Resilience
Businesses that maintain good records, meet their deadlines, and avoid costly errors are more likely to thrive—even in tough times.
Starting off on the right foot makes all the difference. If you need support with registrations, recordkeeping, or choosing the right business structure, feel free to reach out to our office—we’re here to help!
Need Help with your Business, Bookkeeping, Tax or SMSF requirements?
If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.
Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.
