Business Start Up Guide: Business Structure, Accounting, Taxes and more

Are you looking to start a new business in Sydney? Starting a new business can be exciting at the same time challenging. For most of the start up financial management, GST, BAS statements are whole new world. That is why we want to help make this journey of setting up and running your business easy. 

Setting up Right Business Structure:

Your business structure may affect your tax obligations. Therefore, When you start a business you need to choose a business structure. Furthermore, there are four main ways businesses are set up in Australia – sole trader, partnership, company and trust – and each one has different tax responsibilities.

Choosing the right business structure is crucial because it affects the taxes you pay to ATO, the treatment for the debt you have. However, the business structure can be changed later if required. 

As a business advisor, ABAS accountant, can help you determine the best business structure i.e sole trader, Partnership, Company, or Trust for your business. 

Registration of New Business

We will help you registering for your Australian business number (ABN), goods and services tax (GST) and business name.

Setting up Record Keeping & Accounting System

we also provide advice on the type of accounting software you may need. The wrong choice of accounting software can be expensive for the business and you will find many software options with price tags to match. Although many businesses prefer the popular accounting software like cashflow manager, MYOB, Xero we need to assess your business needs and also the level of accounting skill before we make any recommendation.

Tax obligation

Depending upon the business structure you choose and your business sales volume, you are required to meet ATO tax obligation. We will make sure you understand your business tax obligation. 

Your business on growth stage: 

When you are ready to grow your business, your accountant can be an integral resource that provides advice and helps you manage the process. ABAS accountant can also:

  • Help you determine areas for growth by providing insight on cash flow patterns, inventory management, pricing, and business financing.
  • Provide advice on property and equipment leasing and purchase.
  • Help you prevent getting audited by ATO 
  • Prepare you for and guide you through an audit, if necessary.
  • Create financial forecasts so you can make better decisions in your business.
  • Work with you to create a business budget that will support your business goals.
  • Provide advice and resources to assist you with the sale of your business.

Check this extensive guide from Australian government: Starting a business checklist