Changing the structure of your business can be a big step. The main thing to know is that if your existing business structure isn’t working, you can choose a different one.
A TFN is a unique number issued by the Australian Taxation Office (ATO) to individuals and organisations to help manage tax and other government services. The type of TFN that you need however, can depend on your business structure.
If you have employees, workers' compensation insurance is mandatory. This protects your employees when work-related accident or illness occurs.
A business restructure refers to reorganising your business. It is generally done to be more profitable, improve processes and adapt to the changing needs of the business.
There are a number of structures that you can choose from when starting or expanding your business.
Find out how and when you need to register for a business name, the costs and how to choose your name.
When your business runs into financial trouble, take the time to seek advice and support as soon as possible, to understand what options are available.
You'll need to register as a company if you decide it's the best structure for your business. It has different legal, financial and record keeping responsibilities than other structures.
When starting a business you may consider setting up a business bank account to manage your business finances.
Find out if your business is entitled to an ABN. It's free and you can apply online. Registering for an ABN is not compulsory, but you will need one to register for the GST.