KPG Taxation South Morang explains the registration process and legal requirements when setting up a new business in Australia. There are a number of registrations required with the ATO, such as:
- Application for a Tax File Number (TFN), and
- Registering for an Australian Business Number (ABN)
Furthermore, if a business earns more than $75,000 in gross annual revenue it is required to register for Goods & Services Tax (GST) with the ATO.
If the business is to be operated under a company structure, a new company is to be set-up and registered with the Australian Investments & Securities Commission (ASIC), who require details such as:
- Names and addresses of the director and company secretary
- Shares to be issued, the share types, and its shareholders
- Address of the company’s registered office and address of the principal place of business
- The postal address for all correspondence that is to be sent to the company
New businesses need to prepare and address a number of legal requirements, depending on the type of business structure that is to be set-up, such as:
- A partnership agreement (if it is to be operated as a partnership)
- A trust deed, including beneficiaries (if it is to be operated as a trust)
- A constitution, formal notices, consents, and minutes (if it is to be operated as a company),
All of the above registrations can be complex and must be done correctly to ensure the business is set-up up correctly.
KPG Taxation can assist you if you are planning to set up a new business in South Morang or other parts of Australia.
Reach us: Suite 103A, Level 1, 2 Murdoch Road, South Morang VIC 3752, Australia
Phone: 03 9706 9313