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Whether a new start-up, established family business, or growing private business, our team of experienced Accountants and Business advisors can work with you for Business structure Registration, ABN registration & further Business Name Registration if required. They will protect and maximize your private business, and family financial affairs. We follow industry codes of practice and give your business & company registration service. Tax Considerations You Need to Know About Family Trusts in Australia
Once your business entity has been set up with the appropriate structure as per your circumstances, you may be wondering to set apart your legal business name with some different more catchy and specific names. For this purpose, you will be able to register for a separate business name which is the name your business operates under. You need to register a business name if you conduct business under a name other than your own.
We at TFP Tax Accountants, have full of experienced and qualified business accountants & advisors who can guide you step-by-step in business name registration. You will have peace of mind in registering and fully complying with the ASIC requirements with our professional services.
We understand that starting your own private business can be an exciting journey. However, without proper preparation, it can also present significant challenges. This guide will walk you through each step of establishing a business, helping you navigate the process with confidence. Depending on your circumstances, the following business structure options may be available for you to consider on your new business registration journey.
A sole trader is an individual who runs a business on their own. It is the simplest and most affordable business structure. As a sole trader, you are the sole owner and have full control over the management of the business. You are entirely responsible for all business matters, including any debts and losses, which cannot be shared with others. While you can hire employees, you cannot employ yourself. Additionally, as a sole trader, you are responsible for paying your employees’ superannuation, as well as contributing to your own superannuation to save for retirement if you choose to do so
A partnership is a business arrangement where two or more people work together to run a business, sharing the income, losses, and control of the business. For instance, if you and a friend or family member decide to start a business together, you might form a partnership. It is a relatively low-cost business structure to establish and maintain. While a written partnership agreement isn’t mandatory, it is highly recommended. This agreement should clarify how income and losses will be distributed and how the business will be managed.
A partnership agreement can help avoid misunderstandings and disputes about each partner’s contributions and their share of the business’s profits. This is especially important for tax purposes, particularly when profits or losses aren’t equally divided. Partners in a partnership are not considered employees, although the partnership may hire employees. Partners are responsible for managing their own superannuation, but the partnership must pay superannuation for any employees. As a partner, you cannot claim deductions for any money you withdraw from the business, as these withdrawals are not considered wages for tax purposes.
A company is a legal entity with higher setup and administration costs, managed by its directors and owned by its shareholders. Companies also have additional reporting obligations. While a company offers some asset protection, its directors can still be held legally accountable for their actions, and in some cases, for the company’s debts. Companies are regulated by the Australian Securities & Investments Commission (ASIC).
A company must apply for a tax file number (TFN) and is eligible for an Australian business number (ABN) if it is registered under the Corporations Act 2001. If a company is not registered under the Corporations law but is operating an enterprise in Australia, it can still register for an ABN. The company must register for GST if its annual GST turnover exceeds $75,000, though there are exceptions where GST registration may be required even below this threshold. The company owns the income it generates, and individuals in control cannot withdraw money from the business except as formal profit distributions or wages. The company is required to file an annual company tax return and typically pays taxes in instalments through the pay-as-you-go (PAYG) system. In some cases, the company may qualify for small business concessions.
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Setting up a trust can be expensive as a formal deed is required outlining how the trust will operate. There are formal yearly administrative tasks for the trustee. A trustee is legally responsible for the operation of the trust. The trustee can be an individual or a company. Hence, profits from trust go to beneficiaries.
The trust must have its own tax file number (TFN) for lodging its annual tax return. It should apply for an ABN and use it for all business dealings. It must be registered for GST, if annual GST turnover is $75,000 or more. It may be liable to pay tax depending on the wording of its deed. And whether any income the trust earns is distributed to its beneficiaries. It may be able to access small business tax concessions. It must pay super for any of its employees (this may also include the trustee if they are also the employees of the trust).
The team at TFP has long-standing expertise in assisting businesses in registering the suitable structure and complying with the business registration process without any hassle.
To register a business name, you will need to have either an Australian Business Number (ABN) or be in the process of applying for one with the Australian Business Register (ABR).
The fees for registering a business name vary based on the structure you propose.
Before registering a business name, you should consider whether the proposed business name is available. Once you have checked the business name is available, you will need to register it using the Business Registration Service or ASIC Connect. You will need to have an ABN and there is a fee payable to register your name.
You will need to have either an Australian Business Number (ABN) or be in the process of applying for one with the Australian Business Register (ABR) to register a business name.
Tax Return for Individuals
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We offer a comprehensive suite of services tailored to small businesses, including:
Our goal is to provide personalized solutions that align with your business objectives and ensure compliance with Australian tax regulations.
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“We are proficient in working with various accounting software, including Xero, MYOB, QuickBooks, and any other platform where your business records are kept.”
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