Starting a Business

Starting a business can be a big step into the unknown for most people, there are so many things to consider from how to finance the business to what registrations you will need. It’s no wonder more than 60% of business stop trading within the first three years. Getting good advice before you even start trading can greatly increase your chances of success by helping you avoid many common mistakes made in the early stages of business.  At Robertson Wouters our experienced team of Accountants and Business Advisors can help you every step of the way to help ensure you have the best chance of succeeding and help you grow your business into the future.

Business Structure

Having the right business structure can provide many benefits. It is important to choose the appropriate structure for your business to make use of certain legal and tax advantages. The main types of business structures are;

  • Sole Trader
  • Partnership
  • Company
  • Trust

With some issues to consider on each structure, such as;

  • Set up costs
  • Legal and tax obligations
  • Asset protection
  • Distribution of profits, losses and capital gains

Registration and Licenses

It is important to know what registrations and licenses are required before you go into business.

Some common business registration in Australia are;

  • Business name or Company registration
  • Website domain names
  • ABN
  • PAYG

Along with GST registration

  • Do I need to register for GST? What is my expected annual turnover?
  • What are GST Credits? How can I claim these?
  • How do I complete and lodge a BAS Statement?

Record Keeping

There is plenty of record keeping software available in the market, however they all differ in many ways. It is important to choose the right software for yourself and your business based on your accounting knowledge and business needs.

At Robertson Wouters we can offer these services through our partnership with Pentagon Bookkeeping Services.

Employment

Employee entitlements you may have to deal with include;

  • Leave entitlements (casual leave, sick leave, annual leave, parental leave, long service leave etc.)
  • Public holidays
  • WorkCover

Other issues to manage when employing staff are handling you Superannuation and PAYG obligations. It is also important to know the difference between an employee and a contractor and how these business relationships differ.

Finance

How do I finance my new business?

You need to establish the right balance of debt and equity depending on you circumstances. Before doing this you need to determine the costs that will arise for your business and to recognise the sources of finance that are available.