Convert from QuickBooks to XeroStart a business in Australia from Overseas - PowerPoint PPT Presentation

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Convert from QuickBooks to XeroStart a business in Australia from Overseas

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Starting a business is exciting but can also be challenging if you are not prepared or are overseas. This guide will take you through each step of starting your own company in Australia and help make sure that all aspects are taken care of before launching into this new adventure in Australia! – PowerPoint PPT presentation

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Title: Convert from QuickBooks to XeroStart a business in Australia from Overseas


1
Start a Business in Australia from Overseas
2
  • Starting a business is exciting but can also be
    challenging if you are not prepared or are
    overseas. This guide will take you through each
    step of starting your own company in Australia
    and help make sure that all aspects are taken
    care of before launching into this new adventure
    in Australia!

3
  • 1. Make key decisions early on to avoid the
    hassles and headache later down the road
  • Key decisions have an enormous impact on your
    business - these are the ones you want to make
    early, so they do not come back and bite you in
    the ass later. Some key questions include What
    licenses do I need? How much tax am I going to
    owe if this goes through, anyway? And what
    paperwork did someone else tell me was necessary
    but turns out not be at all...?

4
  • Decide on a business structure - There are many
    different legal entities you can choose from to
    run your small businesses, but it is important
    that the one chosen suit both yourself and what
    needs doing. It is also wise for an expert
    opinion before moving forward!
  • When starting a business in Australia, it is
    important to find out if you are hiring an
    employee or contractor before entering contract
    negotiations. There are many benefits and
    drawbacks of each type that could affect your
    bottom line so make sure not only do they have
    the appropriate permissions but also know their
    legal status for taxation purposes as well!

5
  • 2. Plan your Business
  • Business planning is the process of strategizing
    about your future and seeing how it all comes
    together. There are many aspects to this, but
    first you need to analyse yourself as an
    entrepreneur so that way can plan for what is
    ahead with clear eyes. Planning out your business
    gives you direction and keeps your business on
    track. You will also need a business plan if you
    seek finance.

6
  • One must also create your risk management plan -
    Having a good risk management plan in place will
    help guide the business decisions you make and
    reduce the impact of unexpected events on your
    business.

7
  • 3. Get the help you need
  • Finding a way to stay afloat in business can be
    tough. We have got everything from general advice
    for entrepreneurs and other small-business
    owners, finance options no matter what level they
    are at - all combined with mental health support
    so your mind does not get too bogged down by
    worries or concerns!

8
  • Know the law - It is no secret that every
    business, whether it be big or small has legal
    requirements for running their company. If you do
    not protect themselves legally then you are
    exposing yourself to risk. An effective way
    starts off strong in this department is by
    speaking with a qualified professional about what
    you need and how best we can go about meeting
    those goals together
  • Know your finances - It is essential to take
    charge of your business and know how you are
    going make the most out it. It could be a matter
    of life or death for some, so do not
    procrastinate - speak with an expert today!

9
  • 4. Register your business
  • To make it official, you will need to register.
    This makes sure your business gets taxed at the
    right rate, avoids penalties, and protects your
    brand and ideas.
  • Once you have decided on your legal structure
    (Company, Trust, Sole Trader), you are required
    to register

10
  • Australian business number (ABN) - An Australian
    business number (ABN) is unique to your business.
    Customers, suppliers, and the Australian Taxation
    Office (ATO) use this number to help identify
    your business. An ABN is free to register.
  • Business name - A business name helps your
    customers identify your business from others. If
    your business name is different to your own name,
    you will need to register it.
  • Tax registrations for your business - Not all
    taxes will apply to your business so it's
    important to know which taxes will apply before
    you register or seek professional help.

11
  • 5. Protect your business
  • You invest too much time and money in your
    business to lose it. Protect your investment by
    planning.
  • Manage work health and safety - As a business
    owner you are responsible for managing health and
    safety for you and your employees in the
    workplace.
  • Understand business insurance - Insurance can
    help protect your business and your employees
    against the worst of situations. Find out which
    types of insurance are essential for your
    business and those you may want to consider.

12
  • 6. Prepare for tax
  • Knowing when various lodgements are due is
    essential to staying on the right side of the
    ATO. As a starting point, we suggest that you put
    your BAS lodgements and Tax Return due dates in,
    as these are mandatory for all businesses.
    Getting on top of your taxes now can make things
    easier overall. It can help you avoid penalties
    and make sure your business is taxed at the
    correct rate.

13
  • Keep the records right - It's important to keep
    up with your records. A good record keeping
    system can help you get on top of the mountain,
    but also track progress and seek finance if
    necessary!
  • Understand taxation for your business -
    Understanding tax requirements is important for
    making sure your business has the correct
    paperwork and avoids penalties. Get an overview
    of record keeping, registering with the
    government to file taxes as well as paying them
    when they are due!
  • Learn how to lodge and pay for tax - You need to
    know what type of business structure you have and
    if a Business Activity Statement (BAS) is needed.

14
  • It's very important to have an experienced
    advisor guide you through the set-up of your
    business in Australia. Specially from overseas,
    iKeep Bookkeeping is well placed with the backing
    of one of the top accounting firm and access to
    the best legal advisor. If you are looking to set
    up business in Australia speak with one of our
    consultants today!
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