Deputy Commissioner Small Business, Will Day, provides advice on how to get the basics right.
If youâre looking to start a new business, we want to help you get on the right track, right from the start. And if you are running an established business, itâs not too late to learn or refresh your tax and super knowledge.
Iâm proud to announce our Essentials to strengthen your small businessExternal Link website is now up and running.
This free online learning resource can help your business â whether youâre brand new, or have been in business for decades.
Hereâs a few essentials to consider when starting or running a business.
Register your business
When starting a business, youâll need to think about tax registrations. Ask yourself:
- Am I entitled to an Australian business number (ABN), and have I registered for one?
- Do I need to register for goods and services tax (GST)?
- Do I have employees I need to withhold tax for?
Manage your obligations
- Good record keeping helps you run your business smoothly and is a legal requirement.
- Know when you need to lodge and pay to avoid potential penalties and interest charges.
- Set up separate bank accounts for your business and personal expenses to help you stay on track and prevent a tax bill.
- Consider opening a separate account for the GST, pay as you go (PAYG) withholding and your employeesâ super entitlements.
Get the right advice
You can also seek advice from a registered tax professional. If you do appoint or change tax or BAS agents, you need to nominate them in Online services for business as part of the client-to-agent linking process. This applies to all types of entities with an ABN, excluding sole traders.
Running a small business can be challenging and the ATO is here to support you. I look forward to sharing more advice to help you get and keep your business on track throughout 2024.
QC101214
Published 16 February 2024
Getting your business on the right track | Australian Taxation Office (ato.gov.au)