Bookkeeping - Small Business

Whether you are starting a new, or running an existing, small business, there are several key things that every business owner should implement:

• Buy or lease business premises

• Order & purchase stock

• Arrange insurance

• Set up record keeping & accounting systems

• Hire staff

Small Business Registration

As a small business owner you'll also need to register for:

• a Tax File Number (TFN)

• an Australian Business Number (ABN)

• the Goods & Services Tax (GST)

• Pay As You Go (PAYG) withholding tax

Small business tax obligations

Various federal, state and local government taxes and rates can apply, depending on the size and location of your business.

A number of federal government taxes apply to business, including GST, PAYG withholding tax and Fringe Benefits Tax.

State government taxes that may be relevant to your business include payroll tax, land tax, duties and debits tax.

Rates are different from council to council - you need to contact your local council to find out what's applicable to your business.

Small business advice - record keeping

It is important that you keep accurate and complete records, as you are required to by law.

Other reasons why you should keep records include:

• Keeping an eye on your financial wellbeing, and making fully educated business decisions

• It will be more simple to prepare your activity statements, as well as returns for income tax and fringe benefits tax

• Prove your financial standing to banks and other lenders, and also to potential buyers of the business

• Putting to use your financial/tax adviser, rather than consuming their time, that you pay for, with sorting through paperwork.

For advice or more information on small business requirements, bookkeeping or any business accounting matters contact the accountants at The Quinn Group now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166.

For more detailed information on our bookkeeping services, visit our dedicated website All Bookkeeping Solutions.

Back to Bookkeeping

The Quinn Group - Providing the Total Solution

As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.

You may also like to visit our  Business Accounting Services page for more information on the wide range of Accounting Services that The Quinn Group can provide to your business.

View all our office locations to find The Quinn Group office nearest you, or call us on

1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.