Registering Your Business. In the last few articles on the topic, Business Start-up in Australia, we have talked about the phase “Before starting your business” and now it is time to start discussing what you need to start your business such as registering your ABN, TFN and GST, registering your business name, protecting your intellectual property, your taxation obligations and so forth.
In Australia, when you are ready to start your business, there are a number of registrations that you need to complete. Remember the article about business structure? The number of registrations depends mainly on the business structure you have chosen for your business.
Registering Your Business – A company vs. a business name
- A legal entity in its own
- It has some specific responsibilities and obligations
- Not an entity in its own right
- The holder of the business name is legally responsible for the business
- The holder can be an individual, a partnership, a company, an incorporated association or a trust
Before you can apply for a business name, you are required to have an ABN or an ABN application number.
Registering Your Business – ABN, Australian Business Number:
The ABN is required if you intend to register your business for Goods and Services Tax (GST) or if you are carrying on an enterprise.
- To register online, visit https://abr.gov.au/
- For more information, obtain the Tax basics for small business booklet from https://www.ato.gov.au/
Registering Your Business – Tax File Number (TFN):
If you are a Sole trader, you can use your existing personal TFN when in business. On the other hand, if you chose to be in partnership, trust or a company, then you will need a TFN.
- Sole Traders: Phone the Australian Taxation Office (ATO) on (1300 720 092) for a paper application.
- Partnerships, trusts and companies: apply for a TFN on the ABN application form at https://abr.gov.au/
GST, GOODS & SERVICES TAX
You only need to register for a GST in one of two cases;
1- If you have or expect to have GST turnover of $75,000 or more.
2- If you provide taxi travel or are a car hire operator regardless of the GST turnover.
Here is how you can obtain your GST:
- You can register for GST on the ABN application form located at https://abr.gov.au/
- You can read the GST for small business publication available at https://www.ato.gov.au/
Registering Your Business – PAYG, PAY AS YOU GO WITHHOLDING
You must have a PAYG withholding if you;
1- Have employees or pay employees of another business.
2- Operate your business as a company.
3- Work with contractors.
And here is how to get your PAYG:
- You can register for PAYG withholding on the ABN application form located at https://abr.gov.au/
- The PAYG withholding booklet is also available at
- For inquiries, call (13 28 66)
Finally, we would recommend you to have an ABA, Australian Business Account, where it helps you manage your business interactions with all levels of government. Have a look at the link below;
We wish you the best of luck with your venture.
Ensure you have followed the complete series:
Part One - Business Startup Australia – Introduction Part Two - Business Startup Australia: Getting Help and Support Part Three - Business Startup Australia: Business Structure Part Four - Business Startup Australia: Business Plan Part Five - Business Startup Australia: Obtaining Finance Part Seven - Business Startup Australia: Registering Business Name Part Eight - Business Startup Australia: Understanding Australian Taxes Part Nine - Business Startup Australia: Home-based Business Part Ten - Business Startup Australia: Online Business Part Eleven - Business Startup Australia: Employing People Part Twelve - Business Startup Australia: Workplace Health & Safety Part Thirteen - Business Startup Australia: Online Marketing Part Fourteen - Business Startup Australia: Securing Your Online Business Part Fifteen - Business Startup Australia: Importing Part Sixteen - Business Startup Australia: Exportation