We believe that if you write something down, you have a greater chance of achieving it — and if you see it, that chance doubles — so here is a quick exercise to get you started.

• Identify your priorities as an entrepreneur.

What are my non-negotiables?

What is my goal that can not be downgraded?

What is the one thing I do every day to help me achieve my goal? 

• Professional Advice.

What is the name of the professional I consult with?

• Decide which structure is best suited for your business.

(Sole trader, Company, Partnership, Trust etc).

• Check the availability of your business name (website/domain too)

What is the name of the business?

How well does it reflect your brand?

Is the name already taken?       

Which domain name do you have?

What is the URL of the website?

What is your social media name?

• Your business name needs to be registered.

For easy self-registration go to  https://register.business.gov.au/registration/type  or click on the link below.

• You should register for GST

Taxis, limousines, and Uber drivers must register regardless of their income because it isn’t taken into account. 

GST registration is required for fuel tax credits. 

• Register for PAYG

If you plan to hire employees.

STP (Single Touch Payroll) You need to notify the ATO of a payroll event on or before the pay date.

• Set up a bank account.

Everyday Business Account – money goes in, weekly supplies costs come out.

GST Account – put aside for GST and ATO obligations.

War Chest – Build your savings for opportunity or a rainy day.

• Write your business plan.

Your priorities will become clearer and you’ll have more direction.

Helps you get finance – you’ll need to show banks and investors why they should invest in your business.

Do you need to start with GST and BAS? No worries. Even though it takes a little extra admin, thousands of businesses can do it. With this guide, you will too.

Find out if you need to register and how to do so.

You can volunteer to register for GST if your annual turnover is under the threshold. Registration for GST has its perks, but there are additional considerations as well, so it’s best to take your time and weigh up your options. You need to register within 21 days of your GST turnover exceeding the relevant threshold.

• A company based in Australia with a revenue of more than $75,000 per year.

• Taxis, limousines, and Uber drivers must register regardless of their income.

• Those claiming fuel tax credits.

• Not-for-profit organisations that generate $150,000 or more per annum.

Once you are GST registered, you won’t have to pay GST on business expenses. GST-inclusive prices are still applied when you make the purchase, but you will receive the refund when you file your tax return.

What you will need to register for GST

Before you register for GST, an Australian Business Number (ABN) is required. If you are registering a company, you will need an Australian Company Number (ACN) before applying for your ABN.

You can register for GST yourself online or through the ATO business portal, and it costs you nothing. Or through a registered tax or BAS agent.

There are other ways to register by calling the ATO on 13 28 66 or by completing a form NAT 2954 but the main way for businesses to communicate with ATO is through the business portal.

Once your registration is effective, you will receive your registration details in writing from the ATO.