Starting a new business in the modern age involves a raft of additional things to consider than days of old. The many interwoven dimensions including type of entity, tax registrations and other government compliance or regulations, social media strategies together with other elements, mean you have to consider very carefully from the outset what your strategy and plan is going to be.
At a minimum, you will require an ABN which is incumbent on you as proprietor to do. Under Australian law, you will normally be required to collect and pay GST of 10%, which will involve registering your ABN for this purpose and regularly reporting collections and disbursements using the Business Activity Statement, commonly referred to as the BAS.
Consider carefully whether you can secure all the relevant names relating to your proposed business name – from the entity name through to social media handles and giving consideration to any pre-existing Trademark restrictions
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