ITP Tax Tips Series - Setting up an ABN and Register Business Name

1
Setting up an ABN
Tips for starting a new business.
gt ITP Tax Tips Series Volume 1
Got a great business idea? Whether you want to
set up a small home business or a large
corporation, getting an Australian Business
Number (ABN) is one of the first things you
should do to start turning your idea into a
reality.
Need tax help?
1800 367 487 www.itp.com.au
Setting up an ABN is relatively simple. It can be
done online on the Australian Taxation Office
website or for a small fee at your local ITP tax
agent.
_at_itpaustralia
But before you do that, there are a few important
things that you need to decide.
facebook.com/itpaustralia
What will you call your business? Youve probably
already thought of a name that reflects the look
and feel of your business, but have you checked
that the name is available? It is vital that your
business name is unique in every state that you
plan to operate in. Use the useful links to check
your name is available. Useful Links
Will you register for GST? At the time of ABN
registration you will need to choose whether you
want to register for GST. Different businesses
have different needs, so speak to us about whats
best for your business. If you think your annual
turnover will be 75,000 or more, GST
registration is generally compulsory.
ABN Search www.abr.business.gov.au
Trademark Search www.ipaustralia.gov.au
Domain Search www.melbourneit.com.au
Will you register for Pay As You Go (PAYG)
withholding? If you will be hiring employees for
your business, you should register for PAYG
withholding on your ABN application. PAYG is the
way the Tax Office will collect tax from your
employees salary and wages through the income
year.
PAYG Withholding Info http//goo.gl/KLMca (This
link has been shortened)
Ready to take the plunge? Speak to your local
ITP tax agent about registering your business
with an ABN.
ITP has 37 locations across the Greater Sydney
area... Bankstown Baulkham Hills Beverly
Hills Blacktown Bondi Junction Burwood
Campbelltown Campsie Carlingford Chatswood
Cronulla Dee Why Engadine Fairfield Glebe
Hornsby Hurstville Ingleburn Kogarah
Liverpool Maroubra Marrickville Merrylands
Miranda Mona Vale Mt Druitt North Sydney
Parramatta Pennant Hills Penrith Rockdale
Rozelle Ryde St Leonards St Marys Sydney
Windsor