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Over 2 million subscribers from around the world use Xero to simplify everyday business tasks, and half of them are from Australia. Being a Xero Gold Partner, we specialise in using the software to manage client accounts and advise on important features that will help businesses simplify their admin and tax compliance tasks so they can spend more time working on the business itself.
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Why Use Our Xero Accounting Service?

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’s Key Features

Xero is a fast, simple, and powerful software that provides everything you need to run your business. Key features include:

  • Everything in one place
    From payroll to expenses, run everything smoothly, keep tidy records, and make compliance a breeze.

     

    • Automate tasks like invoicing and reporting
    • Get a full financial picture of your business
    • Make filing and end-of-year tax returns easy
  • Connect to your bank
    Easily sync bank and financial information so that you don’t ever have to enter transactions manually ever again. Transactions are imported securely into Xero each business day.

     

    • Bank transactions automatically flow into Xero
    • Reconcile your bank transactions every day
    • See an up-to-date picture of your cash flow
  • Collaborate in real-time
    You can invite us (your accountant), your bookkeeper, and your employees into your account so that we can work together anywhere.

     

    • Access the same up-to-date information at the same time
    • Leave comments and discuss business data in real-time
    • Allow employees to submit expenses, manage leave, and send invoices
  • Customise to suit your needs
    Xero’s marketplace has a vast range of applications to suit your business needs. Xero currently has over 800 third-party apps to make running your business even easier.

     

    • Build on your plan with add-ons like Xero Expenses and Xero Projects
    • Find and connect to third-party apps like Stripe and Vend in the Xero app marketplace

Xero’s Cost

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

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Your Company Tax Return Questions answered

How much does it cost to incorporate a company in Australia?

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:

  • Limited Liability – Shareholders are typically not personally liable for the company’s debts and liabilities beyond their investment in the company.
  • Legal Recognition – Separate legal entity.
  • Perpetual Existence – A company can continue to exist even if shareholders or directors change.
  • Raising Capital – Companies can issue shares to raise capital.
  • Credibility and Trust – Increased level of trust and credibility.
  • Legal Structure – Provides structured regulations and transparency.
  • Access to Government Programs – Many Government grants are only open to registered companies.
  • Tax Benefits – Depending on the company’s structure and operations, there may be tax advantages such as lower tax rates of 25%.
  • Compliance and Reporting – To ensure transparency and accountability.
  • Separation of Personal and Business Affairs
  • International Business – Facilitate international business, including opening overseas bank accounts and entering international contracts.
  • Succession Planning – Easier to plan for the transfer of ownership or management.

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:

  • Proprietary Limited Company (Pty Ltd): A private company with limited liability for its shareholders.
  • Public Company Limited by Shares (Ltd): A publicly traded company with more than 20 shareholders.
  • Public Company Limited by Guarantee: Typically used for non-profit organisations.

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.

  • Directors Identification Number
  • Application for Registration as an Australian Company (Form 201)
  • Consent to Act as Director (Form 370)
  • Consent to Act as Secretary (if applicable)
  • Member Application Form (Form 201)
  • Occupational License or Registration (if applicable)
  • Company Constitution (optional)
  • Registered Office Consent
  • Declaration of Compliance (Form 315)
  • Information about Ultimate Holding Company (if applicable)
  • Share Certificates
  • Board and Shareholder Resolutions (if applicable)
  • ACN Notification: After the company is registered, a notification with the company’s Australian Company Number (ACN) is sent to the registered office.

Overview of steps, including legal structure, office location, and registration.

The essential components of setting up a company in Australia include:

  • Business Structure:
    Choose the type of company structure you want to establish. The most common structures in Australia are: 
    • Proprietary Limited Company (Pty Ltd): A private company with limited liability for its shareholders.
    • Public Company Limited by Shares (Ltd): A publicly traded company.
    • Public Company Limited by Guarantee: Typically used for non-profit organisations.
  • Company Name:
    You must register a unique Company name that is 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.
  • Directors and Shareholders:
    At least one director who resides in Australia needs to be appointed. 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 (optional):
    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.
  • 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.

Information on corporate tax rates and obligations.

There are several tax implications for setting up a company in Australia:

  • Company Tax:
    For the 2023/24 financial year, most companies have a 30% tax rate, while Base Rate companies have a 25% tax rate. To be considered a Base Rate entity, your company’s aggregated turnover in the previous income year must be less than $50 million, and your passive income must be no more than 80% of your assessable income.
  • Goods and Services Tax (GST):
    If your company has an annual turnover of $75,000 or more (or $150,000 or more for non-profit organisations), you must register for GST. Your company must charge GST (currently 10%) on your taxable sales and remit it to the Australian Taxation Office (ATO) periodically. In return, your company can also claim GST credits on the GST portion of your business expenses.
  • Payroll Tax: A state-based tax imposed on the wages and salaries paid by businesses, which varies in rate and threshold among states and territories. To know if your company needs to pay this tax, check the specific rules in your state or territory.
  • Fringe Benefits Tax (FBT): If your company provides fringe benefits to your employees, such as cars, housing or entertainment, you may be liable for FBT.
  • Capital Gains Tax (CGT): This tax is payable on any capital gain made when you sell assets like property or shares, and there are specific rules and concessions that may apply.
  • Dividend Imputation: Shareholders may receive a credit for the company tax already paid. This can reduce the overall tax liability for shareholders.
  • Thin Capitalisation Rules: Australia has rules to limit the amount of debt that a company can use to finance its Australian operations. Companies that exceed these limits may face additional tax implications.
  • Transfer Pricing Rules: If your company has international transactions, you must adhere to transfer pricing rules to ensure that your pricing is at arm’s length, which helps to prevent underpayment of tax in Australia.
  • Research and Development (R&D) Incentives: Companies engaged in eligible R&D activities may be eligible for tax incentives and offsets to encourage innovation.
  • Other Industry-Specific Taxes: Some industries may have specific taxes or levies that apply to their operations. It’s important to be aware of any industry-specific tax obligations.

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:

  • Registered Office in Australia – Your company must have a registered office in Australia where official documents can be sent and served.
  • Director Residency Requirements – At least one director of the company must reside in Australia.
  • Ownership and Reporting – If the company is more than 50% foreign owner there are additional reporting requirements for lodging financial statements with The Australian Securities and Investments Commission (ASIC).
  • Taxation – Your company is subject to Australian taxation on its income, regardless of where the business operations occur. Taxopia can help your company with all your tax compliance work, including BAS, to comply with the Goods and Services Tax (GST) requirements.
  • Banking and Financial Management – You will need to set up and manage a business bank account in Australia for financial transactions related to Australian operations.
  • Compliance with Australian Laws – Ensure compliance with Australian laws and regulations relevant to your industry and business activities.
  • Record Keeping – Maintain accurate and complete records of the company’s financial transactions, activities, and compliance documentation.

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:

  • Business or Operating License
  • Registrations and Certifications
  • Trade or Seller Permits
  • Health and Safety Permits
  • Environmental Permits
  • Alcohol, Tobacco, or Gambling Licenses
  • Building and Construction Permits
  • Employer Registrations
  • Import and Export Licenses
  • Intellectual Property Protection

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:

  • Annual Review – A yearly assessment to ensure that ASIC is up to date with your company’s current details. You’ll be required to pay for this annual review directly to ASIC. Taxopia’s ASIC Agent service is available to help you with ASIC statement retrieval, solvency resolution preparation, and one annual details update if required. To learn more about this service, click here: https://taxopia.com.au/asic-agent-services/
  • Tax Obligations – Companies are required to file annual tax returns with the Australian Taxation Office (ATO) and fulfil any tax payment obligations. Taxopia has a range of company tax returns to ensure your company is compliant. See our packages here: https://taxopia.com.au/cheap-company-tax-returns/
  • Record-Keeping – Companies are required to maintain accurate and complete financial and administrative records for at least five years from the date of preparation. Numerous online record-keeping platforms are available, but we highly recommend Xero to manage your bookkeeping requirements efficiently. Taxopia’s Bookkeeping support will help you get started with Xero. To learn more about this service, click here: https://taxopia.com.au/xero-bookkeeping-support/
  • Director and Shareholder Obligations – Directors must comply with their duties and responsibilities as outlined in the Corporations Act. Shareholders may also have certain rights and obligations based on their shareholding.
  • Compliance with Industry Regulations – Specific industries may have additional compliance requirements.
  • Workers’ Compensation Insurance – If your company employs staff, you must apply for workers’ compensation insurance. To apply, please contact the relevant workers’ compensation authority in your state or territory:
  • Corporate Governance – Companies are expected to follow good corporate governance practices involving ethical conduct, transparency, and accountability in business operations.

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:

  • Resident Director Requirement – At least one director of the company must reside in Australia.
  • Registered Office in Australia – Your company must have a registered office in Australia where official documents can be sent and served.
  • Agent or Representative – A non-resident director can appoint an agent or representative in Australia to handle administrative tasks or fulfil legal requirements.
  • Taxation and Legal Compliance – Your company must comply with Australian taxation laws and adhere to other legal and regulatory obligations.
  • Eligibility and Documentation – Non-residents need to provide identification and eligibility documentation, similar to what residents provide, for company registration.
  • Visas and Work Permits – You must ensure you have the right visa or permit to live or work in Australia.

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.

  1. Alternative name: Think of multiple names you want for your company. Try to add a word, change the word order of words, or use synonyms.
  2. Check ASIC Connect for Similar Names: Ensure the name you pick is not too similar to other companies to avoid confusion.
  3. Different Domain: Check the availability of the domain that matches the company name you want. If it is already taken, you may choose a different company name or slightly change it to find an available domain.
  4. Seek Legal Advice. Potential legal conflicts may arise if your company name is too identical to another company name. Consult legal professionals for advice that can guide you to avoid infringement.
  5. Trademark Factors: Before you trademark your company name, do a trademark search to ensure the company name you chose has not been trademarked by someone else.
  6. Be Unique and Creative: If the name you want is already taken, this is the chance to be creative and be unique. Think of a memorable name for your company.

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.

  1. Replaceable Rules. The Corporations Act 2001 provides a set of replaceable rules that apply to registered companies unless they have their own constitution. These rules encompass a range of company governance elements, such as directors and members, voting rights, and distribution of dividends.
  2. Establishing a Constitution. Owning a constitution allows greater flexibility in adjusting governance arrangements. This results to fit the specific needs of the company and its stakeholders.
  3. Content of Constitution. A constitution includes clauses about company management, shareholder and director rights and responsibilities, meeting protocols, and other matters in relation to operational considerations.
  4. Amendments. A constitutional amendment can be made. The amendment procedures outlined in the constitution must be adhered to ensure compliance with the requirements of the Corporation Act or other applicable laws.
  5. Legal Advice. We recommended that companies seek legal advice when adopting their own constitution to ensure it complies with laws and to discuss the company’s specific conditions.

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.

  1. Conceptualizing. Think and list all potential names. Ask yourself what words or phrases capture your business’s essence and unique qualities. Reflect on what distinguishes your brand and the impression you aim to think of you. Avoid complicated names.
  2. Gather Information. Check the names on the list to see if they are available or too similar to other businesses. Check if the domain name is still available along with the ones for social platforms.
  3. Brand Alignment. Make sure the names match your brand’s image and values. Good choices are the ones that are easy to remember, spell, and appeal to your target audience. Visualise how the name will appear in the logo, marketing materials, and search engines.4. Legal Compliance. Before finalising the company name, check ASIC naming guidelines.
  4. Availability Check. Click this ASIC link to check if the name is available.
  5. Ask for Opinions. Ask friends, family, or colleagues about the shortlisted names. Their perspectives can provide valuable insights and vote for the most fitting name.
  6. Registration. Register the company with the chosen name with ASIC. We can help you with this. To start, fill out our registration form.
  7. Trademark Safeguard. Consider this measure to prevent competitors from adopting similar names and protect your brand’s identity.

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:

  1. Go to ASIC Connect. Click this link.
  2. Search ASIC Register. On the top right side of the page, enter the company name, ACN (Australian Company Number), or ABN (Australian Business Number), then click ‘Go.’ You may also search for business names and other entities.
  3. Search Results. After clicking ‘Go,’ the page will display the list of companies. Check if the company you are looking for is listed.
  4. Company Information. Select the company you want to view. It will go to another page that will show more company details. This may include the status of the company, registration date, ACN, type, and more.
  5. Verify. Check the name’s spelling and ensure it matches the one you are looking for. Gather the details you need.

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.

  1. Select Registered Office Address. Address must be a physical address is needed, and a PO Box is not accepted. The provided address must be the physical location within Australia where official company documents can be delivered and maintained records.
  2. Provide Address During Company Registration. Provide the complete address during company registration with ASIC.
  3. Update Address. ASIC must be notified of any address change. Failure to do so may result in penalties and non-compliance issues. If you need help updating your address with ASIC, please email us at info@taxopia.com.au. If you are not a current client, you may fill out this form to appoint us an ASIC agent so we can update your address.
  4. Update Other Authorities. Aside from notifying ASIC, ATO, banks, and suppliers must be notified, too.
  5. Display the Address. The address must be shown on documents like correspondence, invoices, contracts, etc.

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.

  1. Pick a Phone Service Provider. Look for a service provider that offers the type of service you need, like landline, VoIP, or mobile plans.
  2. Pick a Phone Number. Consider an easy-to-remember number that will fit your business and decide whether you want local, toll-free, or virtual.
  3. Sign Up. Contact your chosen provider to sign up and provide your company details.
  4. Set Up Features. Set up voicemail, call forwarding, and conference calling if included in your plan.
  5. Add Company Info. Give your company details, address, and company name for caller ID and directory listings.
  6. Promote your number. Spread your new phone number to your clients, website, marketing materials, and communications to encourage people to do business with you.
  7. Keep Info Updated. Make sure your provider has the latest company details. If there are any changes, inform the provider.

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.

  1. Choose a Website Name. Pick a name that matches your company or what you do. Make it short and easy to remember. Check if it is available using websites that help you register domains.
  2. Pick a Domain Registrar. There are companies like GoDaddy, Namecheap, Google Domains, and Bluehost that help you reserve, check the name availability, and register a domain.
  3. Check Availability. Check if the domain name is available.
  4. Register. Follow the instructions on how to sign up. You’ll need to provide your information, the length of the registration period, and the payment process.
  5. Get Hosting. This is where you can store your website’s files online. Look for a hosting provider with good storage, bandwidth, and support. Some registrars also offer hosting.
  6. Set Up Hosting. Follow the instructions on how to set up hosting. You will be asked to link the domain name to their server and set up email accounts.
  7. Build your Website. Start your website using tools like website builders or WordPress, or get a pro to design it.
  8. Launch Your Site. Test the website, and if it is ready to go, launch it to the website world. Upload it to your hosting server and tell people about it.

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.

  1. Check Eligibility. Check first if your company is qualified for an ABN. Operating companies are eligible to apply. You may check this link for more information.
  2. Gather Documents. Collect company details such as legal name, trading name, business address, Australian Company Number (ACN), and business activities.
  3. Create AUSkey. Create one using the Australian Business Register (ABR) website.
  4. Log in to the ABR portal. Use the AUSkey details.
  5. Apply. Select the option to register for an ABN and enter the company details listed in step 2.
  6. Submit the Application. Before finalising, review the whole application first.
  7. ABN generation. After the end of the application, the ABN will be provided. Save a copy in your records. In some cases, they need to manually review the application, which will take a few days. Keep the provided reference number for future reference.
  8. Maintain ABN. Make sure your ABN details are up to date. Inform ABR for any company changes.

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.

  1. Unique Identifier. Only one number is given to the company for its whole life. The number will remain the same even if there will be changes to the company.
  2. Legal Function. The ACN is used for legal things involving the company. It must be quoted when submitting financial reports and annual returns and doing business with the government.
  3. Publicly Available. When people search for the company in ASIC Connect, the ACN will be displayed with other company details.
  4. How It’s Made: ASIC generates the nine-digit number after company registration.
  5. Different from ABN. The ACN is different from the ABN. ABN is used to identify the company, and the Australian Business Number (ABN) is used for tax and other business stuff. All registered companies have ACNs, and some companies might have both ACNs and ABNs.

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.

GST Registration
  1. Check Eligibility. To qualify, annual turnover is $75,000 or more.
  2. Access ATO Service. Set up myGovID by downloading the app to your smart devices, then link it to the business Relationship Authorisation Manager (RAM).
  3. Start Registration. Choose to register for GST. Some of the details you need to provide are Australian Business Number (ABN), business information, financial records, and expected or actual turnover.
  4. Review and Submit. Review and submit the form. If approved, you’ll receive confirmation of your GST registration and number.
  5. Start Charging GST. Once registered, you must charge GST on taxable sales. You can also claim GST for GST-paid business purchases.
  6. Keep Up the Reporting. You must file activity statements regularly and pay any GST owed to the ATO.Make sure to meet all GST obligations and deadlines to avoid penalties. If you need assistance with the GST application, click this link or email us at info@taxopia.com.au so we can help.

A company director must be knowledgeable about its legal obligations and responsibilities. Here are some main requirements:

  1. Age Limit. Directors must be at least 18 years old to serve on a company board.
  2. Residency. At least one director must live in Australia to ensure accountability under local laws.
  3. Directors must agree to serve by signing a consent form.
  4. Fit and Proper. Directors should have a good reputation, integrity, and skills suitable for the role.
  5. Duty of Care. Directors must act with care, diligence, and honesty in the company’s best interests.
  6. Avoid Conflicts. Directors should steer clear of situations where their personal interests clash with the company’s, disclose conflicts, and abstain from relevant decisions.
  7. Financial Reporting. Directors are responsible for accurate records, audits, and lodging reports with ASIC on time.
  8. Compliance. Directors must ensure the company follows all laws and regulations covering taxes, employment, and safety.
  9. Insurance and indemnity. Companies may provide insurance or indemnity to protect directors from personal liability within legal limits.
  10. Continuous Disclosure. Publicly listed company directors must share any information affecting the company’s share price.
  11. Training. Directors are encouraged to undergo training to improve their governance skills.

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.

  1. Penalties. It is unlawful to operate an unregistered company in Australia. Owners may face legal penalties and enforcement actions by agencies like ASIC.
  2. Personal Liability Risk. Because the company is unregistered, it is not a separate entity. Therefore, owners risk their personal assets for debts and legal claims.
  3. Taxation Issues. Another drawback is failing to fulfill tax obligations like GST and PayG, which can result in penalties and legal action by ATO.
  4. Business Limitations. It is impossible for the company to grow as many clients, suppliers, and partners prefer to deal with registered entities.
  5. Limited Legal Recourse. Unregistered companies may have restricted access to legal remedies in case of disputes or legal issues.
  6. Reputational Damage. The company’s reputation may be tarnished as many clients, suppliers, and partners prefer to deal with registered entities.

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:

Tax and accounting has never been so easy!

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