10 things business startups need to do to start up with Success!
Lan Nguyen, Chartered Accountant
10 simple steps for business owner to start up with Success!
Running your own business gives you the freedom to be your own boss and work from home. It also allows you to choose your work hours and practices. Congratulations for making the brave move of opening your own business. Below are 10 tips that will help you make your business grow and meet your tax and government obligations:
- Select the right structure whether it be sole trader, company or a trust. Each structure has different tax advantages and then choose of the structure depends on your goals for the future.
- Apply for TFN, ABN, GST and PAYG (where relevant) – these unique numbers identifies your business with the ATO and business. It is important that these are set up correctly and that you meet the relevant obligations based on the turnover and size of your business.
- Choose your business name, and register with ASIC your name, so that no one can use your name. Patent your logo and trademarks.
- Set up of business – set up bank account, connect telephone & internet, have the necessary tools of trade. All of these things although is boring and considered ‘admin’ is important to the success of your business.
- Public insurance – if you are in business you need to protect your assets and against being sued. Therefore before you trade, you should get public insurance. Better to be safe than sorry.
- As a start up business you will have lots of expenses, make sure you keep all your purchase receipts or even better pay by a business credit card. Treat the receipts as if it is cash. Common start up expenses included: company registration, legal fees, equipment, stationery, phone, business cards, website, computer, printer, mobile phone, licences, permits, chairs and tables etc. Anything you spend in relation to your business can be tax deductible.
- Home office, if you are a start up its likely that you having your office at home, and doing a lot of work at home. If so, you may be eligible to home office expenses i.e claiming a portion of your electricity, gas, interest etc,
- Council permits, if you are working from home you should check with your local council on the permits requirements, different council have different rules therefore we strongly recommend you call up your council and get the appropriate advice and permits where required.
- Getting the right accounting software, there are so many softwares out there to select, the right software depends on your size of your businesses, frequency and volume of transactions. A lot of people still think excel will do, but excel may lead to human errors which takes up time fixing up in the future. At Success Accounting Group we use XERO for our accounting needs, for more information about XERO check out our website for the recent blog regarding XERO.
- Tax advice – now that you starting to trade and making income, we encourage you to speak to one of your accountants, check out our website www.successaccountinggroup.com.au for great tax tips.
Written by Lan Nguyen, Chartered Accountant and Wealth Adviser from Success Accounting Group.
About Lan Nguyen
Lan is the Founder and Chief Strategist at Success Accounting Group, Melbourne based CA firm. In a matter of short 8 years she has built up a reputable Chartered accounting firm with 3 offices and a team of 6 professional accountants and support team members. Her mission is to provide Innovative and Strategic Financial advice to help her customers make smarter financial decisions today for a brighter future.
Success Accounting Group is for established business owners who would like help to grow a sustained business. As a business owner you understand what drives your business success with our accounting team taking care of the rest.
Success and Wealth
Success Accounting Group Pty Ltd
Oakleigh, VIC, 3166
