Small businesses can now take advantage of a new, free tool designed to simplify the process of starting a business by helping with necessary registrations.
This innovative tool aims to make the often complex and daunting task of business registration straightforward and manageable for new business owners.
What You’ll Get
The tool provides users with a comprehensive list of registrations that are essential for their business, as well as additional registrations that may be beneficial. This ensures that businesses are not only compliant with legal requirements but also fully protected and equipped to operate effectively.
Before You Start
The best part about this tool is its simplicity. You do not need any additional materials or prior preparation to start using it. Just answer a few questions about your business, and the tool will do the rest.
Business Structure Guidance
Choosing the right business structure is a critical decision for any new business. The tool helps users determine which structure is best for them, covering the four most popular options:
- Sole Trader: Ideal for individuals who own and operate their business.
- Partnership: Suitable for businesses owned by two or more individuals.
- Company: A more complex structure that offers limited liability.
- Trust: Often used for asset protection and tax planning.
Intellectual Property (IP) Advice
Protecting intellectual property is vital for any business. The tool provides guidance on what IP rights may be necessary, such as:
- Patents: For businesses that have invented something new.
- Design Rights: For products with a unique design that needs protection.
Tax Registration Assistance
Understanding and registering for the correct taxes is another essential aspect of starting a business. The tool includes a series of questions to determine which taxes apply to the business, such as:
- GST Registration: Necessary if the business expects to turn over $75,000 or more in a 12-month period.
- Fuel Tax Credits: Relevant if the business will use fuel for its activities.
- Wine Equalisation Tax: Important for businesses involved in making, importing, or wholesaling wine.
The tool also provides links to all relevant services and resources, making it easier for business owners to complete their registrations. Users can email themselves a copy of the generated list to keep it handy for future reference.
Work out your business registrations
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