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  • Getting up and running

    As soon as your business is running you’re going to face new obligations. Understanding what you need to do from an early stage will help you stay on top of things.

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    Registering your business

    When you start your business there are a number of registrations you need to consider.

     

    For more on business registrations, see:

    Record keeping

    You need to set up a good record keeping system to track your income and expenses right from the start. This helps you know how your business is going, as well as meet your tax responsibilities and be able to claim all the deductions to which you are entitled.

    Hiring workers

    If you're thinking of taking on workers, it's important to understand you will have extra responsibilities. For example, you may have to:

    • deduct tax from their pay and send it to the ATO
    • pay super contributions to their nominated super fund, and
    • pay fringe benefits tax if you provide them with benefits in addition to their wages.

    From 1 November 2021, if your new worker does not provide you with a nominated fund, you may need to use ATO online services to request details of their 'stapled super fund' to pay super contributions into.

    A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.

    Setting up your business banking

    If you're operating as a partnership, company or a trust, you must have a separate bank account for tax purposes.

    If you are operating as a sole trader, you don't have to open a business bank account, but it's a great idea to do so. It's important to keep business and personal expenses separate.

    Setting up your electronic payment systems

    Electronic payment systems allow your customers to pay for your goods or services electronically.

    Last modified: 19 Nov 2021QC 50459