Video transcript - Introduction - Tax basics for small business
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Imagine you’re going to start a new business like this café. You know how you want it to look and what type of food you want to serve. Maybe you’ve got plenty of experience in hospitality, but you’ve never run your own business before. There’s a lot to think about like:
- what business structure to choose
- how to register the business
- tax returns
- business expenses
- ABN (Australian business number)
- BAS (business activity statement).
It's a lot to think about.
Starting a business is exciting and will probably be one of the biggest decisions of your life.
Good business relies on good planning so before you start investing your time and money get your plans and systems in place. The first thing you need to do before you dive straight in is to understand your tax obligations.
If you’re operating a business in Australia you are responsible for complying with various tax and superannuation requirements. To meet these requirements you may need to apply for certain registrations, report income and business expenses, and keep business records. It's also important that you understand which business expenses you can claim, and you might even be eligible for some tax concessions.
Having a good understanding of basic tax issues will help you ensure you pay the correct amount of tax and help you avoid penalties that may be imposed if you fail to meet your obligations.
During this series of videos we’ll bring you great tips and advice to help make your business a success.
This short video explains what the series of videos are about and how they can help you.