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5 Steps To Set Up Your Own Business in Australia

After much planning, you have made the decision to move Down Under. You want to set up your own business in Australia to allow you to take advantage of all what Australia has to offer including sun, sea and surf. Here are 5 steps to help set up your business in Australia.

1. TFN

This is your Tax File Number, which is the same as a National Insurance Number in the UK or a Social Security Number in the US. Everyone needs a TFN which is issued by the Australian Taxation Office (ATO) before they are able to work. It shows they have the legal right to work in Australia and are paying taxes. Everyone has a different TFN and it stays with you your whole working life so that the Government can identify your tax records. If you do not have a TFN, you will be paying emergency tax which is 46.5%.

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Image: marc falardeau / Flickr

2. ABN

Every person that is self employed and is running a business, has an ABN (although it is not compulsory). You will need to use your ABN when dealing with other businesses, (when doing work for them), when filing your tax returns, if you are registered for GST (goods sales tax). Once you have your TFN you can then apply for your ABN, which can take up to 4 weeks. The ABN will be used when you file your tax returns at the end of the financial year, which runs July to July.

3. Contact An Accountant

It is important to get in touch with an accountant at the earliest possibility. This will help you to sort out your tax before you start bringing in a lot of business. The last thing you want to doing before the end of the tax year is finding out you have not been paying enough tax. The amount of tax you pay is dependent on your earnings and whether you are classified as an Australian resident. If you have to buy products for your company and travel costs, you can claim these as an expense.

4. Set Up Your Website

As you have just come into a new market, you will need to do a lot of advertising to promote yourself and be seen in Australia. The best way to do this is to set up your own website. If you already have one, then you will need to amend the details to include your new location. If you do not yet have a site, there are many companies in Australia that offer affordable web design solutions.

5. Print Your Business Cards

Once you have your website, you will need to ensure you have some business cards printed with your website address, new Australian mobile and landline number (should you have one).

About the Author: The article is written by Jo Turnbull. There are many printing services in Australia. Visit your local printing company to see what’s on offer.

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