OK to recap on our guide to starting your own business
Step 1. Choose your business name
Did you decide on yours?
If not don't stress it will still come to you!
The next step is possible with or without your business name anyway!
Straight into it today....
Step 2. Apply for an ABN ( Australian Business Number)
Now you may be thinking I don't need that, it's too soon, what is it even for ??
Well at the end of the day it will cost you nothing. That is right $0.00
So step 2 not only costs you nothing! But it never expires!!
What do you have too loose? Again nothing!
What is an ABN?
Officially known as an Australian Business Number, 11 digits, used for various reasons such as:
identify your business to others when ordering and invoicing
avoid pay as you go (PAYG) tax on payments you get
claim goods and services tax (GST) credits
claim energy grants credits
get an Australian domain name
How do you apply for an ABN?
And you complete a free online application form. Don't worry it does not take long and it isn't that scary (Worst case people like me who love completing forms can always fill out the application form for you)
For most people starting out on your own, you will be selecting the "Sole Trader" option at the start of the form. You won't need to select anything from the section on the first page regarding taxes as you need to earn $75,000 per year to be able to register for GST. For now you are just applying for an ABN (One step at a time)
What information will you need for your application?
name, number, address, email etc
address and contact details of the business or organisation
details of each person or organisation associated with the business
tax file number (TFN)
proof of identity information such as name, address and birth details
Once your application is completed you will be notified via email and sent your ABN wahoo exciting!!
And just like that you have made it one step closer to starting your own business!
Until next week for Step 3 to starting your own business =)