New business essentials checklist

When setting up a new venture, there are lot of details that need to be looked at and ticked off. The checklist below provides a quick list of some important points that you need to consider:

  • What will be the right business structure for your business. Refer Choosing a business structure section of our earlier article¬†
  • Get your Australian business number (ABN),register for goods and services tax (GST), register a company or register a business name depending on the kind of business structure your select
  • Make sure you have record keeping and bookkeeping sorted. Selecting the correct bookkeeping software is critical
  • Make sure you understand your tax obligations by getting tailored advice from professionals
  • Manage your risk by getting insurance cover
  • Do you have the right protection for your intellectual property? Consider trademarks and patents.