If you’re pressing go on a new business, what are the key elements to have in place before you begin trading?
Your Operational Checklist
- Business structure: sole trader, partnership, company or trust? Each has different tax and liability implications.
- ABN and registrations: register for an ABN, GST (if applicable), PAYG withholding and a business name.
- Business bank account: keep personal and business finances separate from day one.
- Accounting software: set up Xero, QuickBooks or MYOB before your first transaction.
- Insurance: public liability, professional indemnity, workers’ compensation, depending on your industry.
- Contracts and terms: have proper engagement letters, terms of trade and privacy policies.
- Payroll: if hiring, set up STP-compliant payroll before your first pay run.
- Invoicing: configure professional invoice templates with correct ABN, GST and payment terms.
- Record keeping: establish your digital filing system from the start.
- Professional advisers: accountant, bookkeeper, lawyer and insurance broker.
Don’t Do It Alone
Our New Business Setup service covers everything from structure advice to software setup to your first BAS. Book a free consultation.
