Got tax questions? Call 1300TAXOPIA (1300 829 674) — we’re here to help!
The Taxopia team are all Xero Certified and collectively have more than 40 years of professional business accounting and advisory experience. We are a progressive accounting firm with full public practice certification, registered tax agents and registered ASIC agents. We have previously contributed tax and business commentary to financial publications such as the Australian Financial Review, BRW and the Flying Solo Small Business Forum. We have lodged thousands of business tax returns, business activity statements, company tax returns and trust tax returns. Our solutions are of an exceptionally high standard and represent unrivalled value for Australian small and micro-businesses.
Xero is a fast, simple, and powerful software that provides everything you need to run your business. Key features include:
Try Xero for free with their 30-day free trial with no credit card required, 24/7 online support, and no lock-in contract (cancel at any time). Access all Xero features during the trial period, then decide which plan best suits your business.
You can find a list of their plans here: Xero Plans
Get started with your tax obligations now!
Get in touch with a XERO tax expert now!
If you’re looking to start your own company, you’ve come to the right place. At Taxopia, we have an online form to help you easily and quickly establish an Australian registered company under the Corporations Act 2001.
Company Incorporation will cost $945 + GST.
Companies and other types of businesses are different creatures, and it’s important to ensure which one may suit your needs, depending on the responsibilities and controls you’re happy to have and what you intend to do with your goods / services.
Companies are legal entities and so impose a great deal more legal requirements, fees (e.g. for regulatory registrations), record-keeping of official meetings, tax returns and compliance with the Corporations Act 2001, are subject to annual review by ASIC are responsible for their own debts and must maintain a separate business bank account. A key difference in creation and ending of either is that a Company needs formal registration and deregistration, as opposed to a sole trader’s business name which merely requires cancelling an ABN within 28 days of trading. Your accountant will be able to assist you with all of these requirements. They do this day-in, day-out.
You are responsible for notifying ASIC when any details of your Company change, e.g., address, Directors or Shareholders’ names. You can do this online or by completing the appropriate form found on the ASIC website.
An annual review of your Company needs to be conducted and the current annual review fee is $310 registration fee needs to be paid to ASIC
In Australia, a Company must be registered with the Australian Securities and Investment Commission (ASIC). Your accountant or third party providers can assist you with registering a Company.
ASIC is the main regulatory body for Company registration in Australia, who will ultimately be responsible for registering and regulating your Company. Their website sets out the requirements for registering and maintaining a Company and offers lots of background information.
Benefits and legal requirements of registering a company.
Registering a company in Australia is critical for various reasons:
In summary, registering a company is a fundamental step for businesses in Australia, offering legal safeguards and growth opportunities.
Explanation of the process involved in setting up a functional business entity.
Setting up a company in Australia involves several steps and legal requirements. Here is an overview of the process:
Choose a Business Structure: Decide on the type of company structure you want to establish. The most common structures in Australia are:
Company Name Registration: This name must be unique and not already in use. You can check the name availability through ASIC’s (Australian Securities and Investments Commission) website. The name must also include “Pty Ltd” or “Ltd” as appropriate.
Appoint Directors and Shareholders: At least one director who resides in Australia is required. A proprietary company also requires at least one shareholder, and there is no maximum limit on the number of shareholders.
Registered Office: A registered office in Australia is required where all official documents can be sent and served. This office must be accessible to the public during business hours.
Constitution: Draft a company constitution, which outlines the rules and regulations governing the company’s internal management and operation. While not mandatory, having a constitution is advisable.
ACN (Australian Company Number): Upon registration, your company is assigned an Australian Company Number (ACN), which must be displayed on all company documents and correspondence.
ASIC Registration: Register the company with ASIC, the Australian Securities and Investments Commission. This includes submitting the necessary forms and paying registration fees. ASIC will provide an Australian Company Number (ACN) upon approval.
Taxation: Where the company is operating a business, the company will need to register for a Tax File Number (TFN), Australian Business Number (ABN) and the Goods and Services Tax (GST) if your company’s annual turnover exceeds the threshold. Additionally, you must ensure that your company complies with corporate tax obligations and reporting requirements. Taxopia’s Company Tax Returns will have you covered here.
Business Licenses and Permits: Licenses and permits can be different depending on the kind of business you run and where it’s located. Make sure to have the right permits to operate your business legally. Many local councils have permit requirements and restrictions that must be complied with. Also some business activities have additional state-based requirements such as real estate agents, labour hire businesses, and adult services to name a few.
Bank Account: Open and maintain a separate bank account in the company’s name to handle financial transactions.
Record Keeping: Maintain accurate and complete financial and administrative records for a specified period, as required by law.
Compliance: Ensure compliance with various legal regulations and obligations, including industry-specific rules and competition laws.
The specific steps and requirements may vary depending on the type of company, its industry, and other factors, so seeking expert guidance is vital for a smooth and legally compliant setup process.
List of essential documents and their importance in the registration process.
Several documents and forms are required to complete a company registration in Australia.
Overview of steps, including legal structure, office location, and registration.
The essential components of setting up a company in Australia include:
Information on corporate tax rates and obligations.
There are several tax implications for setting up a company in Australia:
Guidance on managing an Australian-based company from abroad.
Yes, you can operate a business from overseas while the company is set up in Australia. This is called an “offshore company” or “non-resident company”.
Here are some legal requirements to operate an offshore company:
List of industry-specific licenses and permits that may be required.
The specific licenses and permits required for your company depend on various factors, including the industry, the products or services offered, and the location of your business operations within Australia. It’s essential to research and identify the specific permits and licenses required for your business and ensure compliance with all legal and regulatory requirements. Some common permits and licenses include:
Overview of ongoing obligations, such as filing annual reports and paying taxes.
After registering a company in Australia, these are the legal and regulatory compliance requirements that must be met:
Information on eligibility and requirements for non-resident company owners.
Yes, foreigners and non-residents can register a company in Australia. However, there are specific criteria and requirements to adhere to:
Business refers to any organisation or entity, which can be a sole proprietorship, partnership, corporation, or any other legal entity that intends to make a profit engaged in commercial, industrial, or professional activities. Some activities include manufacturing, trading, and providing service.
Company. A company is a business organisation, recognised as a separate legal entity and registered entity by law. It is created to conduct a business to make a profit. It can differ in various aspects, such as size, structure, ownership, and industry focus. It can also engage in various legal structures like corporations, limited liability companies (LLCs), partnerships, etc.
Therefore, companies are businesses, but not all businesses are companies. Business is a general term that refers to any activities that intend to make a profit, whereas a company is one of the entities that can legally conduct business.
Deciding the right name for your company is essential. Take time to find the one that is legally available and matches your brand.
A company constitution is not a requirement in Australia. However, most companies choose to have one to oversee their internal management and operations. The replaceable rules automatically apply to companies that decide not to have a constitution.Here are several points to contemplate regarding company constitutions in Australia.
Though a company constitution is not mandatory, it is common for most Australian companies to adopt one. A company constitution offers clearness and adaptability in governance structures or arrangements. Having one or not at all depends on the company’s preference, circumstances, and stakeholders.
One of the essential matters to decide on when starting a company is to think of a name. A name that is unique and will fit your business. Here are some tips we can share.
Again, selecting the right name for the company is crucial as it will represent your business. If you need our help finalising the company with the best name, fill out our registration form.
It is easy to do a company search through the Australian Securities and Investments Commission (ASIC) Connect website. Here is the guide:
You will find the right company and the information you need with the steps above.
When registering a company, the Australian Securities and Investments Commission (ASIC) requires a registered address and keep it up to date at all times.
You can uphold compliance with legal standards and preserve a favorable reputation in the business community. Should you have any uncertainties regarding the registration procedures or your responsibilities concerning company addresses, please email us at info@taxopia.com.au. We can also provide you an option to use our address as your registered address.
Registering a company phone number is getting a service and linking it to your business’s details. Here’s a simple guide.
It is easy to set up a company number. Remember to choose a dependable provider that suits your company’s needs. Consider the call quality, pricing, and scalability. It is best to know, too, if the provider offers good customer service.
The guide above will have your company website up and running. Having a website for your business makes it more professional. Don’t forget to renew your subscription (domain name and hosting) to keep your website available.
ACN is short for Australian Company Number. This is the number the Australian Securities and Investments Commission (ASIC) gives to every registered Australian company. A unique number is given to identify and distinguish a company from other entities.
Again, ACN is essential, and it’s a key for many legal and business activities. If you need assistance setting up a company, you may fill out this form. Once a company is set up, we will send you a copy of the ASIC letter with the ACN number.
A company director must be knowledgeable about its legal obligations and responsibilities. Here are some main requirements:
Understanding and fulfilling the above duties is vital for directors to uphold their companies’ success and trust. Failing to do so may lead to legal consequences or disqualification from director roles.
Running a business without registering it with the Australian Securities and Investments Commission (ASIC) can have significant consequences. Here are some implications that unregistered companies may face.
It is best to start the company right. Have it registered so your hard work will not go to waste and avoid the consequences. We can make it easy for you. Here is our link for registration.
Several unique identifiers are used for different purposes: ABN, ACN, DIN, and TFN. Here’s what each one does:
Title | Issuer | Purpose | Usage | Eligibility |
---|---|---|---|---|
Australian Business Number (ABN) | Australian Business Register (ABR) | Business identification and taxation | Government Transactions GST registrations | Operating entity or planning to operate a business |
Australian Company Number (ACN) | Australian Securities and Investments Commissions (ASIC) | Company Identification | Lodging documents with ASIC Other government and non-government transactions | Registered Company |
Director Identification number (DIN) | Australian Business Registry Services (ABRS) | Director identification to prevent fraudulent identities | Filling documents with ASIC | Intending or existing director |
Tax File Number (TFN) | Australian Taxation Office (ATO) | Tax-related matters | Filling tax returns· Tax affairs | Any entities in Australia eligible for tax or government benefits |
All identifiers above serve different purposes; they are essential for running a business or company in Australia. If you need help in registering, send us an email at info@taxopia.com.au.
Several unique identifiers are used for different purposes: ABN, ACN, DIN, and TFN. Here’s what each one does: