How to Start a Business in Australia

How to Start a Business in Australia

To help you out in Australia, at least, we’ve put together a list of the main things you need to sort out when starting a business Down Under: How to Start a Business in Australia 1. Along with this, it’s worth noting that you might change the structure of your business as it grows and evolves over time. You can’t legally start a business in Australia unless you own an ABN. Once you’ve got an ABN, you’ll be able to: Register your business name Identify your business to other entities for things like ordering goods and services or sending invoices Claim taxes such as Goods and Services Tax (GST) Avail of credits for things like energy grants It’s best to decide on your business name before you go about creating assets like your website URL, logo or any other designs. You can register your ABN and business name separately if you wish, but it’s easier to apply for both at the same time here. Register your domain name. Here, you’ll get an idea of how much you’ll have to pay to secure your domain name. While there aren’t many government grants to help you start your business, there are plenty of options that are specific to each state. Register for the correct taxes. Some examples include: Goods and Services Tax (GST) - this is compulsory if your business has a turnover of $75,000 AUD or higher Pay as You Go (PAYG) withholding tax - this is required if you need to withhold an amount for tax purposes, such as paying wages or salaries Fringe Benefits Tax (FBT) - if you’re lucky enough to be able to provide perks like a company car to your employees, then you’ll need to register for this You can get more details on tax types by clicking here.

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Embarking on a new business venture is both exciting and terrifying in equal measure. On one hand, you’ll finally be the boss; the master of your own destiny who’s pursuing success in something that you’re truly passionate about. On the other hand, you now have a laundry list of things that you need to tick off before you even start to make sure everything kicks off smoothly.

Whereas working for someone else alleviates these responsibilities, the startup owner takes on all these stresses themselves. Not only that, every country has different laws, regulations and requirements to get your business up and running. So, even if you’ve started a business in one country, you’ve still got to do a pile of research to make sure you do it properly in another.

To help you out in Australia, at least, we’ve put together a list of the main things you need to sort out when starting a business Down Under:

How to Start a Business in Australia

1. Choose your business structure.

The structure you choose for your business is very important, as it has a direct effect on things such as:

  • Your level of control
  • The amount of tax you need to pay
  • Regulatory obligations
  • Health and safety requirements in the workplace
  • The level of personal liability you will incur

There are four structures on which you can build your business in Australia:

  • Sole trader: This is when you register someone (usually, yourself) as the sole owner of the business. That means you’re responsible for all legal aspects of running the business, but you’re entitled to hire people to work for you.
  • Company: This is a commercial business or entity that has a separate legal existence to its shareholders.
  • Partnership: A Partnership is when more than one person and/or entities run a business together, but not in the form of a company.
  • Trust: A Trust is an entity that is in possession of property, income, or any other assets for the benefit of a third party.

You must decide on the structure of your business before you register it, as each structure entails different steps to do so. Along with this, it’s worth noting that you might change the structure of your business as it grows and evolves over time.

2. Pick a business type.

With a structure in place, you can better understand the type of business you’re likely to need. There are a myriad of business types to choose from, and some of the main types include:

  • An online business
  • A franchise
  • Independent contractor

Every industry has a different set of legal obligations and regulatory requirements, so it’s crucial that you pick the business type that best suits your industry.

3. Apply for an Australian Business Number (ABN) and register your business name.

You can’t legally start a business in Australia unless you own an ABN. This is an 11-digit number that is unique only to your business and…

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