Frequently Asked Questions

There are questions to be answered, here they are.

Read on to see our most popular FAQ's

You need an ABN before you can register a business name.

If you have already registered for an ABN and lost your details, the easiest way is to look up via this tool

You can register a business in under 10 minutes using SUMB.

That's a really good question, and it really depends on your individual circumstances.

You need to register for GST if you run a business or enterprise and your GST turnover is $75,000 or more ($150,000 for a not-for profit).

Under the pay-as-you-go (PAYG) withholding rules, you have an obligation to collect tax from the payments you make to your employees (and some businesses) so they can meet their end-of-year tax liabilities. You will need to register for PAYG before you make your first payment that is subject to withholding.

A Tax File Number (TFN) identifies you for tax and superannuation purposes. It's your tax identity. You keep the same TFN even if you change your name, change jobs, move interstate or go overseas. You will need a TFN to start an Australian business.

If you're an employer and you provide fringe benefits to you provide fringe benefits to your employees, you may have to pay fringe benefits tax. Some of the circumstances where you may have to pay FBT include:
  • Cars
  • Car Leasing
  • Car Parking
  • Entertainment
  • Expense Payments
  • Debt Waiver
  • Loans
  • Housing/Property
  • Living Away from home allowance

A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries).

In Australia, a discretionary trust is a common structure to run a business because it offers many taxation advantages such as the flexibility to distribute profit to different beneficiaries (including streaming of dividends to a particular individual(s)), the ability to access significant capital gains tax concessions and stream those capital gains to a particular beneficiary.

A trustee is responsible for everything in the trust, including income and losses. A trustee may be an individual or a company. The trustee is legally liable for the debts of the trust and may use its assets to meet those debts.

Ask a question on facebook link to chat to the team, or chat to a qualified accountant for guidance here. We can also organise for a qualified accountant guide you to decide what you need and do it all for you here.
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