– What We Do
Free Business Startup Advice: From Concept to Success
Benefit:
Our Business Start-Up Service gives you peace of mind and confidence, helping you navigate the complexities of launching your business with ease and clarity from day one.
Business Startup Advice
Our Business Start-Up Service guides you through the essential steps to launch your business with clarity and confidence, cutting through the usual confusion and complexities. From selecting the right structure to setting up finances, we ensure you start strong, equipped with the tools and insights needed for success.
- Free 1-Hour Meeting: Start with a free, one-hour session in our Capalaba office or online via Zoom, giving you tailored guidance without commitment.
- Choosing the Right Structure: Explore business structure options (sole trader, partnership, trust, or company) with a breakdown of their features, costs, and legal implications.
- Understanding Tax Obligations: Learn about your tax responsibilities, including income tax, GST, PAYG withholding, and superannuation, so you’re prepared from the start.
- Business Registrations: Get advice on essential registrations, including ABN, TFN, GST, and any necessary industry-specific licenses or permits.
- Bookkeeping Options and Costs: Discover bookkeeping solutions that fit your needs and budget, from DIY options to professional services, ensuring your records are accurate and compliant.
- Opening Business Bank Accounts: Receive guidance on setting up dedicated business accounts to streamline finances and simplify accounting.
- Budgeting and Cash Flow Planning: Learn the basics of budgeting and cash flow management, giving you a clear roadmap to manage expenses and maintain financial stability.
- Insurance and Risk Management: Get recommendations on essential business insurance policies to protect your venture from unexpected risks.
- Ongoing Support and Resources: Discuss options for ongoing support, including access to additional resources or consulting sessions as your business grows, including some further free resources.
100% obligation Free!
Common Tax Pitfalls for New Businesses and How to Avoid Them
Starting a new business is exciting, but navigating tax requirements can feel overwhelming. Avoiding common tax pitfalls is essential for protecting your finances and staying compliant. Here’s some business startup advice to help you avoid costly mistakes and set your venture up for long-term success.
1. Failing to Register Your Business Correctly
One of the first tax pitfalls new business owners face is failing to register correctly. Depending on your structure—sole trader, partnership, or company—you’ll need to register for an ABN and possibly GST.
A misstep during registration can lead to delays, penalties, or even missed opportunities. Use resources like our Business Structure Infographic to point you in the right direction. It’s free and available with our complimentary, obligation-free meeting.
2. Not Keeping Accurate Financial Records
Keeping detailed financial records is critical for meeting your tax obligations. Many start-ups fail to track income, expenses, or receipts effectively, making tax time a nightmare.
Investing in software like Xero or hiring professional help ensures your records are accurate and organized. Clear records also help you claim all eligible deductions, maximizing your tax savings.
3. Misunderstanding GST Requirements
If your business earns $75,000 or more annually, you must register for GST. New business owners often overlook this threshold, leading to non-compliance and penalties.
Stay proactive by monitoring your income and registering for GST as soon as required. For more information, check out the ATO’s GST guidelines.
4. Missing Tax Deadlines
Missing tax deadlines is one of the most common and costly mistakes for new businesses. Late lodgements result in fines and interest charges, adding unnecessary strain to your finances.
Set reminders for key dates, such as BAS lodgements and tax return submissions. Partnering with an accountant ensures you never miss a deadline again.
5. Overlooking Eligible Deductions
New business owners often miss deductions they’re entitled to claim, such as start-up costs, office expenses, and marketing. This results in paying more tax than necessary.
Keep detailed records of your expenses and consult with a tax professional to identify all eligible deductions. Doing so could save your business thousands of dollars each year.
6. Not Separating Personal and Business Finances
Mixing personal and business finances is a common mistake that complicates tax reporting. Without clear separation, it’s difficult to track expenses and stay compliant.
Open a dedicated business bank account and use it exclusively for business transactions. This practice not only simplifies tax reporting but also helps you manage cash flow effectively.
7. Ignoring Superannuation Obligations
If you employ staff, you’re responsible for paying their superannuation. Many new businesses fail to meet their obligations, risking penalties from the ATO.
Understand your superannuation requirements and ensure payments are made on time. Using payroll software or outsourcing payroll can help you stay compliant and stress-free.
Why Business Startup Advice Is Essential
Starting a business involves more than just passion—it requires careful planning and compliance with tax laws. Seeking professional business startup advice can save you time, money, and frustration.
By addressing these common pitfalls early, you can focus on growing your business with confidence. Whether it’s registering your business, managing records, or meeting deadlines, expert guidance can make all the difference.
Ready to Avoid Tax Pitfalls in Your Business?
We understand that starting a new business can feel overwhelming, especially when it comes to getting everything set up correctly. That’s why we offer a complimentary, obligation-free meeting for anyone planning to launch their own business.
This free session is designed to help you understand your tax and compliance requirements, answer your questions, and avoid common mistakes that can cost time and money. We offer this at no cost because we’ve found that getting things right from the start benefits everyone—saving you from costly errors and it streamlines the process for us if you decide to appoint us as your advisor.
During the meeting, we’ll cover key aspects like choosing the right business structure, registering for tax obligations such as GST and PAYG, and setting up efficient record-keeping systems. Our get started meeting agenda is comprehensive and allows time for us to answer your questions.
Our goal is to ensure your business is built on a strong foundation, giving you the confidence to move forward.
Book your complimentary meeting today and start your business journey with expert guidance. Click here to schedule your session. Let us help you set up your business for success!