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Your startup checklist

Our concise startup checklist will help you understand everything you need to know about how to establish a business in Australia and take some the pain out of managing its books.

Company, trust, partnership or sole trader?

Every startup business in Australia needs a suitable operating structure. Which will depend on several factors, including the type of owner liability you prefer and tax considerations. You might elect to operate as a company, partnership, trust, sole trader or one of a number of other less common structures. Each has its benefits and drawbacks. We’ll advise you on which structure is most beneficial for your needs and lodge applications for their creation on your behalf.

Your startup business will require a legal identifier, but you have some options if you want a name that supports your branding or trademarks. As a sole trader you can simply operate under your own name with an ABN. However, you might still want to register a name for your startup with ASIC. Broadly, other operating structures (companies, trusts, super funds, partnerships etc) require a legal name or ‘identifier’. We can advise you on what you need and register your identifier with the relevant authority for you.

Depending on the type of startup business you’re operating, you may be required to comply with industry-specific licensing and insurance requirements. We’ll advise you of any licences and insurance that your business is likely to require to operate legally.

We’ll act as your ASIC representative to ensure that you are protected as a fully compliant company or other trading entity.

Running a business in Australia requires you comply with fiscal and reporting obligations. They vary in complexity depending on several factors, including your operating structure, size and whether you’re an employer.

These obligations could involve Business Activity Statements, Single Touch Payroll, PAYG, GST, Superannuation Guarantee and other more complex reporting requirements. Like our ASIC representation service, we can act as your ATO representative for compliance purposes.

We’ll identify any GST, PAYG or Single Touch Payroll compliance requirements that are relevant to your startup business or company. We can manage their registration on your behalf. We will also advise as to whether you need to consider other state taxes, such as Land Tax or Payroll Tax.

We’ll advise you of any ownership or control structures that may help protect your assets, improve your tax position or offer other advantages. This could include establishment of companies, trusts or other entities that can enhance your financial position.

We’ll help you understand your obligations and responsibilities as a company director or business owner, and provide relevant documents that you can refer to continually.

We’ll help manage your online accounting setup, including enrolment with a preferred cloud accounting provider such as Xero or MYOB. This includes establishing fundamental bookkeeping files and other functions, such as payroll and superannuation. We will also offer recommendations for mobile or tablet applications that may save you time and money.

No matter what size business you have, we can advise on ways to vastly simplify your bookkeeping, such as with handy cloud accounting applications.

For instance, you can opt for paperless invoicing on-the-go, integrated online bank feeds and other fintech products that can cut done manual work to better manage your cash flow.

We can also help you set up  convenient customer payment options such as Visa, Master Card, BPAY and Amex. These can help you get paid sooner.

Once your cloud accounting systems are up and running, we can offer your business or startup advanced strategic advice. Our Business Optimiser business simulation and performance tracking program can uncover valuable insights to help you navigate operating decisions and changes.

Business Optimiser is equally valuable for mature companies with healthy reserves of historical data to work with and new ventures that want maximum business intelligence about their trajectory from day one.

You can find out more about Business Optimiser here.