Mar 17, 2025 Joel Hernandez

Setting up a business? We’re here to help

If you’ve been diligently working on a business idea that you wish to develop, or you are considering investing in an existing business, but you are unsure of the next steps to take, we can help, including in these key areas.

 Business Structures

Choosing the right structure for your business from the start is crucial. A variety of business structures are available to choose from, including sole trader, partnership, company and trust. Each structure operates differently in:

• offering varying levels of liability protection
• having different tax implications and obligations
• profit distribution
• compliance costs
• succession planning.

It is essential to carefully consider your unique circumstances and choose a structure that aligns with your business’s specific needs and long-term goals. Importantly, you should have a business structure in place before engaging in any business transactions, such as entering into a contract.

Registrations

Once you have decided on a business structure, we can assist you with applying for an Australian Business Number (ABN), Tax File Number (TFN), registering for Goods and Services Tax (GST) and Pay As You Go (PAYG) withholding, and other registrations as required.

Accounting System

During the initial phase of your business, it is also necessary to select an accounting system. A suitable accounting system will contribute to the success and efficiency of your business by:

• maintaining records that comply with the ATO’s requirements.
• automating many of the repetitive tasks involved in accounting and therefore saving time.
• integrating with other tools and systems you use such as inventory management, and payroll systems.
• providing real-time financial information and insights, helping in analysing your business performance  to help you make informed business decisions.

Some popular accounting systems on the current market include Quickbooks, Xero and MYOB.

Tax Compliance

Once your business is set up, some of the obligations may include:

• lodging activity statements
• setting up a Single Touch Payroll connection and reporting each pay
• filing annual tax returns

We can help you access tax breaks and other benefits for business, and assist you in accurately reporting income and expenses, ensuring compliance with tax laws and regulations.

 Contact Us

Starting a new business venture is exciting, but it also comes with financial and regulatory challenges. If you need assistance with setting up your business or have any questions, don’t hesitate to reach out to us.