12 Steps to Starting a Business in Australia

1. Decide on a business structure: Choose a business structure that suits your needs, such as sole trader, partnership, or company.

2. Choose a business name: Select a unique name that is not already registered with the Australian Securities and Investments Commission (ASIC).

3. Register your business name: Register your business name with ASIC through its online portal or a registered agent.

4. Register for an Australian Business Number (ABN): You can apply for an ABN through the Australian Business Register website.

5. Register for Goods and Services Tax (GST): If your business has a turnover of over $75,000 per year, you will need to register for GST with the Australian Taxation Office (ATO).

6. Obtain any necessary licenses and permits: Depending on the nature of your business, you may need to obtain licenses and permits from local or state authorities.

7. Set up a business bank account: Open a separate bank account for your business to manage your finances.

8. Develop a business plan: Create a business plan that outlines your business goals, target market, marketing strategies, and financial projections.

9. Set up accounting and record-keeping systems: Implement accounting and record-keeping systems to manage your finances and comply with taxation requirements.

10. Hire employees (if necessary): If you plan to hire employees, you will need to comply with employment laws and register for Pay As You Go withholding (PAYGW) with the ATO.

11. Obtain insurance: Consider obtaining business insurance to protect your business against potential risks and liabilities.

12. Comply with workplace health and safety regulations: Ensure that your workplace is safe and complies with relevant regulations.