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Business Tax Tip – Starting a Business in Australia – Things to Consider
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Published on Thursday, 08 February 2024 09:18
Starting a business in Australia? Are you clear on what IS a business, when does it start and your tax and super responsibilities? The ATO (Australian Tax Office) have many things to support you with the running (and start-up) of your business.
Here is some excerpts of their help -
When you start a business, there are tax and super responsibilities you need to be aware of, including:
- The tax implications of your business structure;
- Whether you're entitled to an ABN;
- Registering your business;
- Records you need to keep;
- Deductions you can claim.
What is a business?
Generally, a business involves a set of continuous and repeated activities you do for the purpose of making a profit. Profit can be in money, but it can also be made through other means, like being paid with good or services (such as a barter deal).
A one-off transaction can also be a business if it is either:
- Intended to be repeated;
- The first step in starting a business.
You can run one business or multiple businesses at the same time.
When does your business start?
It is important to know when your business starts. This will affect the registrations you must have and when you need to apply for them.
It may also affect:
- How tax laws apply to your activity and the assets you use in that activity;
- The tax concessions or deductions available to you.
Your business starts when you have more than an intention to be in business and have:
- Made the decision to start the business;
- Acquired the minimum level of assets to start running your business;
- Started your business activities.
Find out more – At the ATO site
Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust
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