You are starting a business. Let us get the foundations right.
The decisions you make in the first few months, your structure, your registrations and how you keep your books, shape your tax and your liability for years. We help you set up properly so you are not unpicking it later.
Not sure this is your moment? Start here
What's happening
- You have an idea or a side income that is turning into a real business.
- You are not sure whether to operate as a sole trader, partnership, company or trust.
- You need an ABN, and probably a business name and GST registration, but you are not certain what applies to you.
- You want to keep clean records from the start rather than scrambling at tax time.
- You want to understand what tax you will owe and when, so there are no surprises.
What to think about before you trade.
- 01
Choose the right structure
Sole trader is simple and cheap to run, but offers no separation between you and the business. A company caps your personal liability and is taxed at a flat company rate. A discretionary trust can help with asset protection and distributing income across a family group. We weigh up tax, liability, cost and your growth plans before you commit.
- 02
Register for an ABN and the right taxes
You will need an ABN to invoice properly. Register for GST if your turnover is at or above the 75,000 dollar threshold, or expect to reach it. If you take on staff or draw wages from a company, you will also need to register for PAYG withholding.
- 03
Understand GST and your BAS
Once registered for GST you charge 10 per cent on most sales, claim GST credits on business purchases, and lodge a Business Activity Statement, usually quarterly. We set you up so the GST is tracked automatically and your BAS is straightforward.
- 04
Set up bookkeeping from day one
Cloud software linked to a dedicated business bank account keeps your income and expenses clean. Good records mean accurate BAS, fewer missed deductions, and a clear view of whether you are actually making money.
- 05
Plan for tax you have not paid yet
As a new business your income tax is not withheld for you. The ATO may put you into PAYG instalments once you lodge your first return. We help you set aside the right percentage of income so the bill does not catch you out.
- 06
Protect yourself and your assets
Think about insurance, separating personal and business assets, and getting agreements in writing if you have a partner. The cheapest time to deal with these is before anything goes wrong.
How we help
Business accounting
End to end accounting for new and established businesses, from registrations and compliance to the financial reporting that keeps you in control.
ExploreTax planning and structuring
Choosing the right entity and structure from the start, balancing tax, asset protection and your plans for growth.
ExploreBookkeeping
Cloud bookkeeping set up the right way so your records are clean, your BAS is accurate and you always know where you stand.
ExploreQuestions we hear most often.
Have a question that is not here? Call 07 3399 2300 or book a consultation and we will answer it directly.
Do I need to register for GST when I start?
Only if your annual turnover is 75,000 dollars or more, or you expect to reach that. Some businesses, such as taxi and rideshare drivers, must register regardless of turnover. If you are below the threshold you can still register voluntarily, which lets you claim GST credits on purchases.
Should I set up a company or stay a sole trader?
It depends on your risk, your expected profit and your plans. A company limits your personal liability and is taxed at a flat company rate, but it costs more to run and has more compliance. Many people start as a sole trader and restructure as profits grow. We model both before you decide.
How much tax should I put aside?
As a guide, sole traders often set aside roughly 25 to 30 per cent of profit, but the right figure depends on your structure and total income. We give you a percentage based on your situation so you are never caught short when the bill arrives.
When is my first tax return and BAS due?
Your BAS is generally due quarterly once you are registered for GST. Your first income tax return covers the financial year in which you started trading. We map out every due date so nothing is missed and you avoid late lodgement penalties.
Start your business on solid ground.
Get the structure, registrations and books right from day one. Book a consultation and we will set your new business up the way it should be.