How to start a business

register your business

Where to start

Starting a business involves quite a few things but first, you want to choose the right business structure to avoid paying a lot in tax later on. You should choose a business structure that gives you the right balance of benefits and legal protection of your assets. 

Minimize your taxes early on

 If you are a sole trader, your tax rate may be higher as your income increases. It can reach up to 48%. A company with the same income might only pay 28.8% in tax.  To help you choose the right structure for your circumstance, we recommend consulting a business advisor or accountant. By doing so, you won’t miss anything important, and you’ll feel less stressed. You will think about your finances every single day, so you need to get them right.

Step by step - Easy exercise

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  or click on the link below.

  • You should register for GST
If in the next 12 months, you earn $75,000 or more.  

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.


When to consult an accountant

Early advice can save you money at tax time. Choosing the right business structure involves so many elements, and it is the accountant’s job to look at your business and assets to identify the best structure for you and your business. You might learn something about taxes that you didn’t know before. It is a great idea to have an accountant estimate how much tax your business will owe – so you know what to expect at tax time.  

Last but not least, if you need to change your business structure in the future, you can.

We have created a comparison chart for Different Business Structures to assist you in getting started. You can instantly see the features of each business structure and how they differ.

5 Things To Look For In a Great Accountant

In this FREE, 11-page guide, you’re going to learn the 5 things you need to consider when making the decision to work with an accountant for the first time. From finding the perfect fit all the way through to the best ways of communicating, we’re going to show you how to choose the right accountant that can deliver optimal results for your business.

You May Also Like

5 Things To Look For In a Great Accountant

Learn How To Choose The Right Accountant to Give You the Clarity You Need Over Your Business’ Numbers


Empire Accounting Caroline Springs is committed to providing quality services to you and this policy outlines our ongoing obligations to you in respect of how we manage your Personal Information.

What is Personal Information and why do we collect it?

Personal Information is information or an opinion that identifies an individual. Examples of Personal Information we collect include: names, addresses, email addresses, phone and facsimile numbers.

This Personal Information is obtained in many ways including [interviews, correspondence, by telephone and facsimile, by email, via our website, from your website, from media and publications, from other publicly available sources, from cookiesdelete all that aren’t applicable] and from third parties.

We collect your Personal Information for the primary purpose of providing our services to you, providing information to our clients and marketing. We may also use your Personal Information for secondary purposes closely related to the primary purpose, in circumstances where you would reasonably expect such use or disclosure. You may unsubscribe from our mailing/marketing lists at any time by contacting us in writing.

When we collect Personal Information we will, where appropriate and where possible, explain to you why we are collecting the information and how we plan to use it.

Sensitive Information

Sensitive information is defined in the Privacy Act to include information or opinion about such things as an individual’s racial or ethnic origin, political opinions, membership of a political association, religious or philosophical beliefs, membership of a trade union or other professional body, criminal record or health information.

Sensitive information will be used by us only:

  • For the primary purpose for which it was obtained
  • For a secondary purpose that is directly related to the primary purpose
  • With your consent; or where required or authorised by law.
Disclosure of Personal Information

Your Personal Information may be disclosed in a number of circumstances including the following:

  • Third parties where you consent to the use or disclosure; and
  • Where required or authorised by law.
Security of Personal Information

Your Personal Information is stored in a manner that reasonably protects it from misuse and loss and from unauthorized access, modification or disclosure.

When your Personal Information is no longer needed for the purpose for which it was obtained, we will take reasonable steps to destroy or permanently deidentify your Personal Information.

Policy Updates

This Policy may change from time to time and is available on our website.

Privacy Policy Complaints and Enquiries

If you have any queries or complaints about our Privacy Policy please contact us at:

15 242244 Caroline Springs Boulevard, Caroline Springs VIC 3037

(03)9363 7600

5 Things To Look For In a Great Accountant

Avoid the Common Mistakes Many Business Owners Make, and Find a Reliable Accountant who Truly Connects With Your Business & Drives Future Success

We will only send you awesome stuff