Types of Business Registrations
As soon as you are carrying on a business, you will be required to have an Australian Business Number (ABN) and a Tax File Number (TFN) as a minimum requirement (unless you are a sole trader in which case you would simply use your personal TFN).
Whether or not you register for Goods & Services Tax (GST) will depend on your expected annual turnover. If it is less than $75,000 you are not required to register for GST but you may voluntarily register.
Fuel Tax Credits (FTC) are available to businesses that use fuel for machinery, plant & equipment and or vehicles (only available to vehicles 4.5 tonnes GVM or more that travel on public roads or travel off roads for specified activities). If you believe this applies to you, you should register for FTC.
A business name may or may not be required depending on the business structure selected and the name you wish to trade under.
You may also want to protect your intellectual property by registering a patent, trademark, copyright, etc. For more information please contact us.
If you require any assistance with business registrations ( an ABN, TFN, GST, FTC or business name registrations) please contact Ask Us Tax. Our team has extensive experience in business registrations and will be able to assist you.