Ever Thought of Starting Your Own Business?

Starting your own business is a big step. It is important to spend time understanding what the legal and other requirements are. Here are some of the things to consider:

* Choose a business structure – Options include operating your business as a sole trader or through a partnership or a company.

*Get a Tax File Number – If you are a sole trader you will already have a TFN but one will be needed for other business structures.

* Register for GST – The business must be registered for GST if  if it has a GST turnover (gross income minus GST) of $75,000 or more.

* Register an Australian Business Number – Although not compulsory, an ABN will allow you to claim GST credits and register an Australian domain name.

* Check for Required Licences and Permits – The Australian Business Licence and Information Service can help you with this.

* Entering into a Lease – If you need to lease premises for the business the landlord’s solicitor will prepare the Lease in relation to which you should get legal advice.

* Comply with the Australian Consumer Law – You should become familiar with your obligations to consumers under the ACL. Also, if you intend using standard

Terms and Conditions in your transactions, you should be aware of the implications of the unfair contract provisions of the ACL.

March 2019