It’s no secret that most start-up businesses work with limited resources, which is sometimes the reason why entrepreneurs forego the need to hire a Melbourne accountant or a small accounting firm in Melbourne.
While the DIY approach may save you money, getting expert opinion from a Melbourne accountant or a small accounting firm in Melbourne will save you more money in the long run. This is especially true when it comes to navigating your way around the different types of business registrations required for businesses operating here in Australia.
Basically, the types of business registrations you will need to secure will greatly depend on the type of business structure you plan to put up. In addition, you also need to take into account as to whether you intend to employ staff as well as our anticipated turnover. If you are not quite sure what structure best suits your business, it is best to seek the expert professional advice of a Melbourne accountant or a small accounting firm in Melbourne.
However, whether you are a sole trader or a trust, company or a partnership, you are required to secure an ABN or the Australian Business Number. If you plan to set up a company structure, you are first required to register your trade name through ASUC before you can secure your ACN or Australian Company Number, before you will be able to claim your ABN.
Every ABN is unique and is composed of 11 digits, which allows you to operate in the GST tax system. With that said, you will need an ABN before you can register for GST, PAYG withholding along with other taxes. Your Melbourne accountant or a small accounting firm in Melbourne will also ask for your ABN especially when filing taxes.
Without an ABN number, you will not be able to claim any GST credits on any of your business expenses. In addition, you are also required to quote your ABN number in your invoices. The ABN also provides you access to an AUSKey, which allows you to conveniently transact online with any of the Australian government agencies.