When setting up a business so that you can pay the correct amount of tax, as well as claim the business expenses and deductions you are entitled to receive you need to consider the structure you will use to run your business. You also need to understand which forms and records you will need to complete and maintain and if you will be required to register as an employer or for GST.
You need to ensure you keep accurate records, budget for upcoming tax payments and account for your business expenses and deductions. If your business is expanding you may need to register to additional tax types such as GST, or it may be in your interest to change the structure of your business.
If you are an Australian doing business in New Zealand, any tax requirements you have here will depend on the way you operate your business and whether you're a resident for tax purposes.
This area provides a link to the Australian tax information for New Zealanders who conduct business in Australia. The information contained in this link is written and maintained by the Australian Taxation Office (ATO). If you have any queries about this information please contact the ATO.
People in business may choose to sell or close all or part of their business, or in some instances their business may be bankrupted. If you cease to operate your business, you have business tax obligations to complete with regard to GST, employer related taxes, income tax and depreciation recovery.
Did you know?
Regular seminars and hands-on workshops are held in most regions on a variety of topics about business tax obligations including record keeping, expenses and filing returns. Find a free workshop near you.
Date published: 24 Nov 2004
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