New Business Setup

Our Business Accountants in Brisbane assist clients from all over Australia, some of which are going into business for the very first time, others are branching out in new niches. Our team understands business structures and associated legal obligations extremely well. We can determine which business model is best for you via a consultation over the phone, after which we can complete the new business setup with just a few personal details.

Getting the correct business structure is extremely important as this can protect your assets, minimise the tax that you pay to the Australian Taxation Office (ATO) as well as lay the platform for business growth in the future. Once the most appropriate business structure has been determined, we will advise you of your ongoing legal obligations, associated ongoing costs and reporting requirements. Choosing the right business structure can seem quite confusing, but the BBAS team will make it simple for you and guide you through each step.

There are legal obligations that as a business owner you may be required to undertake. BBAS can help you with all the following:

Registering a business name and structure

This is a very important step that must be carefully considered. As highlighted above, there are several steps that you must do to ensure that you correctly register the business entity that suits your needs.

Applying for an ABN (Australian Business Number)

An ABN identifies your sole trader business to the government and community. It is a unique number and every business in Australia must have one. It is used for all your business dealings.

Applying for the GST (Goods and Services Tax)

As a sole trader you are obligated to forward to the ATO (Australian Taxation Office) the GST you have collected. This occurs when your business has generated over $75,000 of revenue. A BAS (Business Activity Statement) is submitted to the ATO on a monthly, quarterly or yearly basis depending on the turnover of your business.

PAYG (Pay As You Go) Instalments

You may want to pay your tax in instalments instead of a lump sum at the end of the financial year. It may suit your cash flow to take this course of action however it would only apply if your sole trader business is earning a substantial amount of money.

Superannuation

It is your responsibility to make payments into your chosen superannuation fund. Once you have advised the Australian Taxation Office of your preferred fund these payments are tax deductable.

Deductions

As a business owner the expenses associated with operating your business may be able to be claimed as a tax deduction, and with some business structures, private expenses could also be deductible against income earned. Understanding what you can claim and the records that you need to keep is a key part of running a business.

Tax file number

A Tax File Number (TFN) is an exclusive number which is issued by the Australian Taxation Office (ATO). A TFN helps the ATO identify individuals and organisations for tax purposes and other government requirements. The type of TFN which you need can depend on which business structure you choose.

BBAS are expert business accountants and can assist in the process of setting up a new business or restructuring an existing one. Our team is very patient and knowledgeable, so please don’t hesitate to call us on (07) 3886 1652 to discuss your needs. Alternatively, if you complete the online form below and we will contact you.