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