TFN/ABN/PAYG/GST Registration

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Launching a new business can be a complex, effort intensive task because of the innumerable formalities to complete and many procedures to comply with. One of the most challenging aspects of setting up your new business is completing the various registrations that will enable you to carry out your business operations and run the business.

The Australian Business Number is the first of the registrations you should take care of and to register for your ABN, you need the Australian Company Number or CAN. The ABN allows you to carry out business operations as a sole trader concern or as a partnership. Next is the Tax Filing Number or TFN which you need in addition to your individual TFN when you set up your business.The GST or Goods and Services Tax which is a 10% tax charged on almost all goods and services sold in the country is a mandatory requirement for business in which the turnover exceeds $75,000 in a year. Registering for GST allows you to charge this tax, in turn, on your products or services at sale point and claim GST against any expenses you make with respect to your business.A business that has or will have employees also needs to register for Pay As You Go or PAYG.This registration is also mandatory if you will be having dealings with contractors and you will be withholding tax amounts from the payments you make to them. If some of your invoices do not carry a ABN number, you will need the PAYG number to include the payment as part of your legitimate business expenses.

At AGC Advisory, our team gives you a full suite of services, ensuring that all these registrations are done and the numbers allocated to you so that you can carry out business operations in full compliance with prevailing laws.

Sole Trader/Partnership/Company/Trust Registration

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The business structure that you opt for can have some significant implications on the operations, ongoing costs, tax implications, asset creation and safeguarding, the kind of dealings, expansion possibilities and more. This is why it is very important to invest enough attention and time in deciding whether your business should be established as a sole tradership, a partnership, a company or a trust. At AGC Advisory, we have the experience in this arena to advice you on the kind of structure you should choose in line with your business aspirations.

A company has the legal rights that you do as an individual and the same liabilities as well, but as an owner you can limit your liability for company debts. Your company needs to be registered with the ASIC and there are many legal requirements outlined under the Corporations Act to comply with, as well.A sole tradership is a simple business structure and a very inexpensive one to establish.However, you have complete personal liability for all the debts of the business. In a partnership, you and your partners share the income as well as the debts and obligations of the business. Some kinds of partnerships need to be registered with the ASIC.In a trust, the responsibility of certain assets is handed over to a trustee who manages these for the benefit of specified parties or beneficiaries. An expensive process, setting up a trust also requires that certain formalities are complied with. In addition, there are administrative tasks that need to be taken care of year on year. In a business that is being operated a trust, the trustee is liable for the operations. For businesses where the trustee is another business, ASIC registration is mandatory.

The legal requirements may vary dramatically depending on the kind of structure you opt for. To ensure that you have complete knowledge of all the mandatory requirements and to help you fulfil these with ease, our team offers complete support right from the business planning stage. Talk to us today to know more about our business advisory services in this respect.

Business Name Registration

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Although it may seem to be a simple task, registering your business name does require compliance with formalities that can be confusing to a lay person. To begin with, you have to fill in your Australian Business Number in the application form along with many other details. Checking whether the name you want is available is another crucial step. Renewing your business name periodically is another activity you should keep track of and get done in a timely manner to ensure that your business name is not cancelled. These are all the activities related to business name registration that we handle on your behalf, leaving you free to focus on your business operations.

Trade Mark Registration

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Trademark registration is a critical task for any business owner because it is this that gives the protection of endowing exclusive rights to the applicant. A registered trademark is also a valuable tool to promote and firmly establish your brand in the marketplace and in this way, it can be said to be a vital tool in your marketing arsenal too. At AGC Advisory, we help you complete the trademark registration process and handle the application, follow up processes until the registration is completed.

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