If you’re looking to start a new business, we want to help you get on the right track, right from the start. And if you are running an established business, it’s not too late to learn or refresh your tax and super knowledge.

Here’s a few essentials to consider when starting or running a business.

Register your business

When starting a business, you’ll need to think about tax registrations. Ask yourself:

• Am I entitled to an Australian business number(ABN), and have I registered for one?
• Do I need to register for goods and services tax(GST)?
• Do I have employees I need to withhold tax for?

Manage your obligations

• Good record keepinghelps you run your business smoothly and is a legal requirement.
• Know when you need to lodge and payto avoid potential penalties and interest charges.
• Set up separate bank accounts for your business and personal expenses to help you stay on track and prevent a tax bill.
• Consider opening a separate account for the GST, pay as you go (PAYG) withholdingand your employees’ super entitlements.

Get the right advice

You can also seek advice from a registered tax professional. If you do appoint or change tax or BAS agents, you need to nominate them in Online services for business as part of the client-to-agent linking process. This applies to all types of entities with an ABN, excluding sole traders.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.