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When setting up a business you need to consider the structure you'll use to run it so that you pay the correct amount of tax and claim the business expenses and deductions you are entitled to. Find out about the recordkeeping you'll need to do and if you'll need to register as an employer or for GST. You can also find out about the tax issues in the sale and purchase of a business.
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.
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 stop operating your business, you need to complete your business tax obligations to complete for GST, employer related taxes, income tax and depreciation recovery.
Watch this video to see how easy it is for a business owner, Scott, to take care of his tax when he closes his business. The video also explains what to do if your business is registered with the Companies Office.
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.
You can watch short online videos on starting your business at any time. Check out our Introduction to business videos.