Starting a Business
4. Business Basics
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 24 Sep 2015
- To start your business the minimum requirements are:
- a Tax File Number (TFN) so you can lodge tax returns on behalf of your business. For sole traders or partnerships this can be your own individual TFN;
- an Australian Business Number (ABN);
- if you are using a company structure you will also need an Australian Company Number (ACN) and an ABN.
- You can apply for these numbers online via:
- the Australian Taxation Office (ATO) website for tax file number applications; and
- the Australian Securities and Investment Commission (ASIC) for your ABN or ACN.
- Other steps you should consider include:
- deciding on your preferred business name (unless you will use your own name) and checking whether someone else is using that name and has trade marked it through IP Australia. See our topic on Trademarks for how to go about doing this;
- register your business name through ASIC;
- register for Goods and Services Tax (GST) if your turnover will exceed $75,000 that year through the ATO; and
- consider what other registrations and licenses are required for your type of business and obtaining those licences.
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