The part you’ve all been waiting for…
The fourth part to building a business could be finally registering it. Besides being an exciting step, this ensures you get taxed properly, avoids penalties and protects your brands and ideas.
An Australian Business Number (ABN) is an exclusive 11-digit identifier for your business, serving to recognize it for government and public purposes. With an ABN, you can use it to:
1. Identify your business when making orders and sending invoices to others.
2. Prevent paying Pay As You Go (PAYG) tax on income received.
3. Make claims for Goods and Services Tax (GST) credits.
4. Claim energy grants credits.
5. Acquire an Australian domain name for your business.
Learn more here
Everyone wants to come up with the name of their very own business. This is the right time.
With an ABN and chosen business structure, you get to come up with a name for your business (as long as it isn’t already taken). This allows you to have an identifiable name that customers can remember.
Largely for tax purposes, your business may have to complete a variety of registrations, depending on its structure and functions. This involves getting an ACN, TFN, registering for GST, PAYG withholding, and more.
To find out exactly what you’ll need, learn more here.
Additionally, certain licenses and permits may be needed for your business’ activity and can be found here.
For further information on registrations, such as trademarks or help on setting up a company, it can be found at the source of our information business.gov.au.
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