• Article Rating
  •  Average 2 out of 5
  • Tax and super tips for your new business

    3 May 2022

    Worried about starting a new business? Don't be! The ATO has lots of resources available to help new business owners meet their tax and super obligations.

    In Episode 44 of the Tax inVoice podcast, Assistant Commissioner of Small Business Experience Andrew Watson outlines what it means to be in business, and the key steps and resources that can help your new venture succeed.

    'A lot of small business owners I speak to tell me that doing research and planning is the key to the success and viability of a business' said Andrew.

    For example, the first step to consider is the type of business, or business structure, you will operate under.

    The most common business structures are:

    • sole trader
    • partnership
    • company
    • trust.

    Each structure is different, so be sure to look at the costs and complexities before deciding which structure is right for you.

    If your business grows or changes, you can change your structure.

    Andrew also discusses the importance of cash flow, getting advice, and how using technology and keeping good records are essential for new businesses.

    If you're thinking of starting a business or have recently started one, you can reach out to the ATO for support, and to access resources and communities.

    See also

  • Rate this article
  •  Average 2 out of 5