Australia is the land of opportunity – a place where the underdog has the same chances for success as the elite, and will likely be commended for his tenacity to rise to the top. However, if you win the money game in this country, it wasn’t likely an easy ride. Starting a business in Australia takes a lot of effort, but the rewards can be phenomenal.
The Australian government, which prides itself on its stability, welcomes foreign investors to help bolster their economy. In saying that, Australia takes extreme care of its residents, so potential business investors will need to know what sort of obligations they’ll be held to if they choose to commence trade here.
Here are just a few responsibilities businesses in Australia must consider: Business registration including ABN; Goods and Services Tax (GST) reporting and payments; work safety requirements and obligations; insurance and public liability; permanent employee benefits, such as paid holidays, sick and personal leave, and superannuation; general operating overheads; and much more.
Because these expenses can add up pretty quickly, in addition to the normal operation costs of a business, it’s vital to consult a professional Chartered Accountant – who has business expertise. A truly proficient accountant will be able to review your business plan to maximise the chances for success. If you don’t have a plan, we can help you create one because it’s like having a road map to your goals.
Whether you’re planning initial steps to start up a new business, or already have a business operating in Australia, the team at Alliance Accounting can help you at any stage. Our extensive experience with Australian business taxation means we can review and streamline plans, work out how to maximise cash flow, as well as minimise your tax liability.
You may just have the next best thing for Australians with your business idea. And it might provide not only a great life for you, but great financial achievement. So don’t chance the success or failure of your possibly life-changing business opportunity without the proper accountancy firm on your team. Alliance Accounting will make sure you have everything set up correctly from day one; from company structures to quarterly BAS reporting – and everything else that falls between.
Contact us here or call 1300 135 198 for a chat to get the ball rolling with your new business in Australia!