TaxABN

Business Registration

Business Registration Process in Australia: A Step-by-Step Guide

Understanding Business Registration
Registering your business is the first step towards establishing a legal entity in Australia. It allows you to operate under a chosen business structure and comply with regulatory requirements.

1. Choose Your Business Structure

  • Sole Trader: Operate as an individual, responsible for all aspects of the business.
  • Partnership: Jointly owned by two or more individuals or entities.
  • Company: A separate legal entity owned by shareholders.
  • Trust: Managed by trustees for the benefit of beneficiaries.
  • Not-for-Profit: Operates for community or charitable purposes.

2. Register for an ABN (Australian Business Number) An ABN is necessary for business transactions, tax obligations, and legal compliance.

  • Eligibility: Determine if your business structure requires an ABN.
  • Apply Online: Use the ATO’s Business Registration Service for a streamlined application process.
  • Information Needed: Details about your business structure, activities, and expected turnover.
  • Receive ABN: Upon approval, you’ll receive your ABN instantly, allowing you to conduct business legally.

3. Register for GST (Goods and Services Tax) GST registration is required if your business meets certain criteria:

  • Turnover Threshold: Annual turnover exceeds $75,000 ($150,000 for non-profit organizations).
  • Voluntary Registration: You can choose to register for GST voluntarily to claim input tax credits on business expenses.
  • Lodge BAS: Report GST collected and paid quarterly or annually through Business Activity Statements (BAS).

4. Register Your Business Name If operating under a name other than your own, register your business name with ASIC (Australian Securities and Investments Commission).

  • Search Availability: Check if your desired business name is available and not already registered.
  • Apply Online: Submit your application through ASIC’s website.
  • Renewal: Maintain registration by renewing your business name every one to three years, depending on your state or territory requirements.

5. Obtain Necessary Licenses and Permits Certain industries or activities may require specific licenses or permits (e.g., food handling, building services). Research and obtain any required permits from relevant government authorities.

6. Comply with Employer Obligations (if applicable) If hiring employees, register for PAYG withholding, pay superannuation contributions, and comply with workplace health and safety regulations.

Why Choose TaxABN for Your Business Registration Needs At TaxABN, we specialize in assisting businesses with the registration process:

  • We simplify ABN and GST registration, ensuring compliance with ATO requirements.
  • Our expert guidance helps streamline the process, minimizing errors and ensuring your business starts on the right track.