Starting out in your first small business can be an exciting and rewarding journey. As many seasoned small business operators know, the multi-faceted role of a small business owner requires skills from many disciplines. In addition to performing tasks associated with your core business, many small business owners also perform tasks normally covered by specialists in larger businesses. Whilst focussing on areas such as Administration, Human Resources, IT, Marketing, and other aspects of your business, it is easy to set aside important mandatory compliance matters. Below are some taxation factors to consider.

• Starting-up

  Many first-time entreprenuers make the mistake of starting a business without seeking advice beforehand. In many cases, this can result in a less than optimal situation for the business owner. If you are considering to start a new business venture, it makes good sense to sit down with your accountant and discuss your ideas prior to making an investment.

  Some important factors to discuss include:

  • Are you planning to start a business, or is your venture merely a hobby?
  • Do you need to register for an ABN?
  • Do you need to register for GST?
  • Are you planning to employ other people in your business?
  • What business structure is optimal for your business type and family situation?

• Record Keeping

  Another common mistake among first-time business operators is starting to trade before establishing a record keeping system. In addition to satisfying statutory record-keeping requirements, a suitable record keeping system can assist with the effective management of your business. Again, it is wise to seek advice from your Accountant with regard to what record keeping system suits your situation. Many business owners make the mistake of buying an off-the-shelf commercial enterprise management software package expecting the software to be self-sufficient. Having your accountant set up your record keeping system can often save you money over the long-run, as your accountant will not have to waste time correcting avoidable errors.

At taxology^TM, we would be more than pleased to assist you with setting up your business and record keeping system. Simply select ‘Register as a client’ from the menu above or send us an email using the form on this page for more information.

All information presented on this website is intended as a general overview only and may not be relevant to your circumstances. For advice specific to your personal situation, you should consult your accountant or tax agent.

Happy Trading!