Business Basics

Posted by Kylee Kay

If you missed my Business Basics session at the AGM in Thailand 2018, here is the overview. These are the areas of your business you need to consider — and be on top of.

ABN

  • Not compulsory but if required to register for GST, you will need to apply for an ABN as well.
  • All businesses with a GST turnover of $75,000 or more must register for GST and will require an ABN.
  • When making a purchase a business generally collects the seller’s ABN. If not, top rate of tax must be withheld by the business for any payment more than $75 for tax purposes.
  • Independent Contractors need to have an ABN to use when dealing with other businesses.
  • If you do not have an ABN before undertaking work, your hirer may legally withhold the top rate of tax, plus the Medicare levy, from your payment.

GST

  • You must register for GST if your business or enterprise has a GST turnover (gross income minus GST) of $75,000 per year or more.
  • Non-profit organisations must register for GST where the GST turnover is $150,000 per year or more.

TFN

  • Unique number issued by the ATO, used to administer tax
  • Sole traders must use their individual TFN
  • Partnerships or registered companies require a separate TFN

BUSINESS REGISTRATION

  • Register Business with ASIC  – $479
  • Register Business Name (ABN required) –  $35 for 1 year | $82 for 3 years

TRADEMARK

  • State Trademark Registration ($100-$200)
  • Federal Trademark Registration ($275 – $375)
  • Registration period is 10 years in Australia and renewable indefinitely

INSURANCE

  • Business Insurance (Incl. Theft & Continuity)
  • Income Protection
  • Professional Indemnity

LEGAL CONTRACTS

  • Creation & Termination
  • Negotiation and Seeking Legal Advice

ACCOUNTING

  • Record Keeping – MYOB vs Xero
  • DIY Bookkeeping vs Outsourcing
  • Invoicing Details

Post any questions below — join the conversation.

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