Legal registration is a necessary evil in the process of starting a new business. If you don’t know the documentation you need, registering a business can seem like a complicated process.
However, we’ve taken the guess work out of it with the below list outlining what you will need to register for as a new Australian business. Make sure you follow the steps to ensure the burgeoning momentum of your new business doesn’t come to a firm halt!
- Apply for a TFN (Tax File Number): This is important to take care of initially because without it you can’t lodge an Australian tax return or apply for an ABN online. Apply at your local Australia Post store or via mail.
2. Apply for an ABN (Australian Business Number): Every enterprise that wishes to carry out business in Australia requires an ABN. You will receive your number immediately after application and it allows you to deal with a range of government departments and agencies. Apply online with the Australian Business Register.
3. Register your business name and taxes: With the Business Registration Service you can now register your business name and eligible taxes using the same form. Your ABN is required, and you will also need to select the registration period before it must be renewed.
4. Setup a separate business bank account: With your ABN, registered business name, and taxes setup up, it’s now appropriate for you to open your business’s own bank account. Here you can separate your business’s finances from your own personal finances.
5. Register your domain name: It’s only possible to obtain a ‘.com.au’ web address if you have secured your business name and ABN. Visit the .au Domain Administration website to get an idea of how much you’ll have to pay to secure your domain.
If you’re looking to start your own trucking business, one of the most important tasks on your to-do list is to ensure that one of your business’s most valuable assets, your vehicle, is protected by Truck Assist’s Roadside Assistance for breakdowns and Drive Pack Truck Insurance for accidents.
Truck Assist offer a well thought out solution for small businesses who are seeking to protect their company vehicle. Get a quote for Roadside Assistance or Drive Pack Insurance online to see how we can keep you on the road.