Small businesses



Small businesses are an important part of Australia’s economy. There is help available if you want to start your own business. Go to www.business.gov.au/business-topics/starting-a-business/Pages/default.aspx if you are considering starting a small business. For information about the Small Business Education Program offered by the Australian Competition and Consumer Commission, go to www.accc.gov.au/about-us/tools-resources/small-business-education-program

If you want to start a business in Australia, you will need your TFN to apply for an Australian business number (ABN). Other registrations may also be required, including:

GST registration (if your annual turnover exceeds AUD75 000) and/or you provide taxi travel.
registering as an employer.
registrations required by other government agencies.

Having an Australian business number means you are running your own business. If you are unsure whether you are ‘running a business’ or you are being pressured to obtain an ABN in order to work, call 132 866. You pay tax on your business’s income and you may need to pay tax on capital gains you make if you sell your business or an asset. You can also claim deductions for expenses that relate to earning your business income.

If you have employees, you may have to pay superannuation for them and take tax from their pay to send to the ATO. You must do this even if they are family members.

To set up a business you will need to obtain approvals from government agencies. Do not offer gifts or money to influence or speed up a decision. To offer such incentives is illegal and will be reported. To help businesses and individuals understand their tax entitlements and obligations, the ATO has help and information in English and translated publications. The Australian Business License and Information Service (ABLIS) can help you meet your other compliance responsibilities.

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