Business registration in Australia
What is business registration in Australia?
Business registration in Australia is the processes and systems put in place by the government to keep an eye on who is behind the businesses in Australia for tax and legal reasons. By doing this the government and the public can access the business’s operational information such as who owns the business, where the business is located and its operational structure.
What are Business registration in Australia like?
Business registration in Australia is like state or territory vehicle registration in many ways. Just like car registration is meant to find out who owns a car and how many cars are on the road. Business registration is meant for the public and the government work out who owns the business and how the business trades along with how many businesses are trading in Australia.
What are the different types of business registration?
There are a few different types of business registration, these are as follows.
- ABN (Australian business number) a sort of one size fits most 11 digit number for dealing with the government, tax office, the general public can search this number in the ASIC website to find out who and what is behind a company.
- ACN (Australian company number) a 9 digit number issued to large corporations. Is slowly being phased out in favour of the ABN.
- ARBN (Australian registered body number) given to body corporates that are not a corporation so they could conduct business.
What’s involved with business registration in Australia?
To register your business in Australia you generally need to apply for an ABN. To do this you must first search that your business name hasn’t been taken (if you are using a name other than your given name). Then you need to either ask an accountant to help you fill out the forms or follow the online application on the ABR (Australian business register) website.
Where does business registration start in the process of starting a business?
Business registration is one of the first things you will do when starting up a business. To register for GST tax collection your business must have its name resisted and possess a valid ABN, also if your business does not have an ABN other companies can withhold nearly 50% of payments to pay your tax.
How does business registration impact on different areas of a business?
Business registration only impacts managers, business owners and to a certain extent the accounts keepers (accountants, bookkeepers) of a business. The managers and owners of a business need to know how to deal with business registration so they can apply for registration when starting up a business. The accounts keepers of a business are impacted by the business registration because they in some cases assist with the registration process and at the end of the financial year have to use the various supplied numbers to send BAS (business activity statements) and Income tax returns to the tax office for taxation purposes.
Where can I find more information on business registration in Australia?
Who would benefit most from this information?
- This information is suited to people who are first time business owners.
- In the workplace this information would best suit business owners however accountants and book keepers would benefit from having an understanding of this.
- This information is not covered by any jurisdiction as it is a way that a business owner may choose to improve their business
- This information is not have any cultural influence surrounding it
- The economic climate does not have an effect on this topic.
- Small enterprises would benefit from this information due to the fact that they are more likely to be starting out with limited knowledge of this topic.
- This information can be applied to all industries.