Your First Steps in Starting a Small Business

Starting a small business is equal parts exciting and overwhelming. One minute you’re dreaming up names and logos, and the next you’re knee-deep in paperwork, registrations, and acronyms you swear didn’t exist yesterday.

The good news? With the right structure in place, your business becomes easier to run, easier to grow, and less stressful. Here’s a simple, practical guide to the setup essentials every new business owner needs to know. 

1. Choose the right business structure. 

Before you start trading, you need to decide how your business will legally operate. The four big options are:

• Sole trader 
• Partnership 
• Company 
• Trust 

Each has different tax implications, risks, and admin requirements. If you’re unsure which suits you best, don’t stress—this is exactly where our Business Start Up advice pays off. The right structure can protect your personal assets, reduce tax, and set you up for future growth. 

2. Register with the ATO. 

Once your structure is sorted, the next step is getting the important registrations in place. Depending on your situation, this may include:

• ABN (Australian Business Number) 
• TFN (Tax File Number) 
• GST registration 
• PAYG withholding if you plan on hiring staff 

These registrations make you “official” in the eyes of the ATO and ensure your business is compliant from day one. 

3. Get your superannuation obligations right. 

If you’re planning to employ staff—or even paying yourself through a company—you’ll need to make super contributions. This includes:

• Understanding the Superannuation Guarantee (SG) requirements 
• Choosing a default super fund 
• Setting up payroll so super is calculated and paid correctly 

Getting this wrong can cost you in penalties, so it’s worth doing properly from the start. 

4. Understand workers compensation requirements. 

Every state has its own rules, but in most cases, if you have employees, you’ll need workers compensation insurance. It protects both your team and your business if someone is injured at work. 

Not hiring yet? Keep it on your radar. It’s one of the most commonly overlooked setup steps for new businesses. 

5. Keep an eye on what comes next. 

Setting up your business is just the beginning. Over the coming months, we’ll break down each of these topics in detail so you can build a business that’s strong, compliant, and ready to grow. 

Get help with your setup. 

If you’d like help with your setup—or you’d rather skip the admin altogether—Ascent Accountants are ready. We specialise in working with new businesses (especially trade-based businesses), and would love to ensure things go smoothly for you.

 

Contact the team at Ascent Accountants today, and check out our free info sheets too.