If you’re considering starting up your own small business, it’s important you undertake research to ensure you are aware of your legal obligations.
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. Contact us online or call 02 9223 9166.
For more detailed information on our bookkeeping services, visit our dedicated website All Bookkeeping Solutions.