You are a few clicks away from starting your own business.
This is the first step in getting your business started. An Australian business number (ABN) is a 11 digit number that identifies your business to the government and community. You will need to register an ABN to start trading and you’ll need it for tax and other business activities.
– Tax file number (TFN) and the TFNs of any associates – eg partners, directors and trustees.
– Entity legal name – appears on all official documents or legal papers
– Authorised contacts – eg the applicant or tax agent. They must be authorised to make changes or update information on behalf of the entity.
– Business contact details including an address, postal address, email address and telephone
– Business activity – usually the main source of income for your enterprise eg agriculture, construction, investment and manufacturing.
– ABN registration – $50* one off fee
Provided you supply all the information required, you will usually receive online notification of your ABN immediately upon completion of the ABN application.
If you omit information or it cannot be verified an ABN will not be allocated immediately. Under these circumstances your application will be processed manually and can take up to 28 days.
Business name registration
A business name is the name your business operates under and you will need to register your business name if you conduct business under a name other than your own. Check to see if a business name is available by using our business name availability search.
– Name and contact details of the applicant.
– Address and contact details of the business or organisation.
– Details of each person or organisation associated with the business (e.g. partner, director, secretary or shareholder).
– Proposed business name.
$50* one off annual fee or $120 for three years.
You will need to register for GST when your business or enterprise:
– Has a GST turnover (gross income minus GST) of $75,000 or more.
– Expect your turnover to reach the GST threshold (or more) in the first year of operation.
– If you’re already in business and have reached the GST threshold.
– If your non-profit organisation has a GST turnover of $150,000 per year or more.
– When you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi.
– If you want to claim fuel tax credits for your business or enterprise.
$70 – One off fee.
Registering for GST as a sole trader is the same as registering any other business type.
If you do not register, the ATO will require you to pay GST on sales made since the date you were required to register. This could happen even if you didn’t include GST in the price of those sales. You may also be fined or have to pay interest on the excess amount.