When starting a new business there is lots to be done besides the core business function.
Some of the things for start-up include:
- A good accountant
- A good bookkeeper/BAS Agent for setup and organisation of office procedures as well as training to implement procedures and learn how to use software
- Software (MYOB or Xero) for data entry/coding and supplier/customer recording
- Decide what kind of entity (Sole Trader, Partnership, Company)
- Obtain ABN
- Register Business Name
- If required, Tax File Number
- Register for GST and PAYG (PAYG optional monthly/quarterly for small/medium business)
- Obtains a Default Super Fund (if employees don’t nominate their own)
- Setup a Superannuation Clearing House (mandatory for all businesses)
- Obtain Workers Compensation Insurance (if gross wages over $7500)
- Obtain Public Liability and Business Insurance
The option to outsource your bookkeeping is always available. Outsourcing can include:
- Everything – filing, bill payments, MYOB or Xero debtor/creditor entry, Bank and Payroll reconciliations, award lookup, payroll, base hourly and penalty rates, BAS Preparation, BAS Lodgement, Workers Compensation Actual and Estimate, Superannuation calculation, lodgement and payment
- Data Entry – Reconciliation – BAS Compilation – Lodgement
- Payroll
- BAS Checking & Lodgement
- End Of Year BAS Reconciliation
- End Of Year Payroll – Reconciliation – Payment Summaries – EMPDUPE File Lodgement – TPAR Lodgement
- Payroll Tax, Payroll Tax Reconciliation
- Government Portal Reporting
