Review on Great Australian Businesses

By on 5-09-2018 in Business

Sole Trader: If you have found that registering as a sole trader is the right business structure for you then you must now register for: ABN Not optional, GST (optional, recommended), Business Name Not optional, Trade Mark (optional), Tax File Number (TFN) Not optional.  What is an ABN? An ABN (Australian Business Number) is a number which replaces your business name when dealing with Australian government departments such as the ATO (Australian Tax Office). This number and its details become a part of the ABR (Australian Business Resister).

What Is The Australian Business Register: The Australian Business Register is a collection of data from your ABN which government departments use you identify your business. How to get an ABN (Australian Business Number)? Simply go the Australian Business Registers website Or call the Australian Tax Office (12 28 66)

How long does it take to get an ABN? Once you have submitted your form, it can take 28 days to get an Australian Business Number.

ABN prices: An ABN in completely free. Public details of your ABN: ABN number can be accessed by the public from ABN LOOK UP

Register for GST

Registering for the “Good and Service Tax” You must resister for GST is you business turns over $75 000 or more or if you are a non profit business $150 000 or more. Register for Tax File Number If you have had a job in Australia chances are you will already have an TFN. However if you do not have one you will need one.

Registering your business Name: You must register a business name and display it where you are trading. To get a business name you must go to a fair trading office many are located around Australia. Price of Business Name The price of a business name is $175.00 for 3 years. How to get a TFN: The application form for a TFN can be picked up at any Australia Post Office. The Price of a TFN: Your tax file number is free.

Trade Mark: It is recommended that if you wish to trade mark your business that you get a trade marking lawyer. Price of Trade mark Trade marks start from around $3000.00. This tutorial explains in detail what business structure is right for you. It is imperative that you select the correct business structure for your business. Here are the main types of business structures currently available. Follow the Links for more details on the business structure you have selected.

Sole trader: It is recommended you select “sole Trader” if you are going into business for your self and you don’t have any employees. Sole Trader business structure is the simplest structure available.

Find out How to Start A Sole Trader Structure

Partnership: Partnership is recommended when 2 or more parties whish to start a business (Make note this is not a company). Both parties split the profits and liabilities equally useless specified.

Find out How to Start A Sole Partnership-A company is similar structure to a sole trader and partnership however it is a legal entity separate from the shareholders (the owner is also a shareholder). This means that it has limited liability, if the company was in debt, you would not be able to use the assists of the owner to pay off the debt because the owner is a shareholder.