STARTING A BUSINESS

NEW BUSINESS START UP GUIDE

You can avoid many of the new business start-up pitfalls by following our guide. We are here to help you step through the process.

Pre-Start-Up

Now is a good time to look objectively at your business concept to consider its feasibility and whether you are suitably prepared to make the commitment to start a new business.
This can be as simple as discussing your concept with one of our experienced and qualified staff. We also highly recommend you prepare a detailed Business Plan.

Structure

Selecting the right structure is essential and one of the most important decisions in the business start-up process.

Options available:

  • Sole Trader
  • Partnership
  • Company
  • Family Trust
  • Fixed Unit Trust

There are advantages and disadvantages for every option, and it is essential that your personal circumstances are considered before deciding.  These considerations include tax benefits, establishment and running costs, business succession and other specific industry requirements.

For more information on each type of structure, visit NSW Office of Fair Trading.

Business Name

Once you have selected the right structure, the next thing is to consider a business name and the best way to protect it from others using it. The way this business name is registered will depend on the type of structure that is used.

For more information on business names, visit ASIC.

Website Domain Name

Even if you are not considering setting up a website immediately, registering a domain name that suits your business will ensure it cannot be used by someone else.

For more information, go to business.gov.au and follow the links.

ABN Registration

When you register for an ABN, you must also consider if you require any further registrations for:
  • GST
  • PAYG Withholding (wages)
  • Fuel Tax Credits
  • Fringe Benefits Tax

Whether to register for these separate registrations will depend on a number of factors including the forecasted annual turnover, whether any staff are being employed and whether any machinery or trucks are used in the business.

Registration is completed online at the Australian Business Register.

Employing Staff

Once you have made the decision to employ staff in your business, there are a number of factors that must be considered:

Before you start…

Before any new employee starts, you need to provide them with a “new employee start pack”.  This may consist of the following:

  • Tax File Number declaration form (ATO)
  • Standard Choice Form (ATO)
  • Fair Work Information Statement (Fair Work)
  • Employee details form (Internal)
  • Employment agreement (Internal)

Please ask us for assistance and copies of the above forms.

For more information on awards, employment agreements and conditions, visit www.fairwork.gov.au.

Tax and reporting requirements

This is often best managed through the use of a good computerised accounting system which can calculate withholding requirements, keep track of leave entitlements, calculate compulsory superannuation, generate pay slips for staff and prepare end of year Payment Summaries.

For bookkeeping solutions, click here.

Superannuation

Superannuation is payable on all employees’ gross (before tax) wage and is payable quarterly to the employee’s chosen fund.

The Small Business Superannuation Clearing House is a free online superannuation payments service that helps small businesses with 19 or fewer employees meet their superannuation guarantee obligations.

Workers Compensation insurance

Workers Compensation Insurance is compulsory for all employers in NSW and is designed to protect workers and their employers in the event of a work-related injury or disease

For further information, visit Workcover – the NSW government regulator for workers comp.

As workers comp insurance only covers your employees (and may not even cover you), we recommend you discuss your other business insurance requirements with an insurance broker.

Record keeping

For further information, please click here.

As You Can See...

…there are a number of steps and factors that need to be considered before you start your business. Speak to one of our friendly staff today to see how we can assist.