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Out Sourcery

  • Bookkeeping
  • MYOB Setup and Training
  • Business Systems and Management

MYOB | Professional Partner learn more »
 

Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.

 

Company & Trust Set Up

If you decide on a company or trust structure for your new business AFYF can assist you in meeting the various legal, ATO and ASIC documentation necessary for registration and tax compliance.

1. Company or Trust name


2. Company or Trust set up

  • Company or Trust set up can be completed within a few days of receiving the required details
  • Details required for each director / shareholder / trustee:

                              - Surname

                              - Given names     

                              - Home address         

                              - Date of birth

                              - Town & State of birth

                              - Country of birth (if not Australia)

                              - Tax File Number

  • The AFYF office will be listed as the registered office
  • The company or trust address will be listed as the principle place of business. This can be updated at any time
  • The share holding split will need to be confirmed as 50/50 or another agreed amount 
3.    Agreements
  • There may be a requirement for an agreement between shareholders or trustees to allow for exit strategies or other eventualities that may come up in the course of business
  • For sample agreements to download refer to our website article on Company Agreements & Deeds:
4.    ABN
  • Apply for an ABN – AFYF will assist 
5.    Tax File Number
  • Apply for a Tax File Number – AFYF will assist 
6.    GST
  • Register for GST if the company expects a turnover of $75,000 or greater – AFYF will assist
  • Choose quarterly, monthly or annual lodgment for activity statements
  • GST can be reported on a Cash basis (GST reportable when you get paid) or an Accrual basis (GST reportable when you invoice) 
7.    PAYG Withholding
  • Register for PAYG Withholding if the company will have employees 
8.    Bank account
  • Set up a bank account in the company or trust name once documentation has been received
  • Set up cheque and internet access according to shareholders or trustees agreement
  • Forward Tax File Number to bank once it filters through from the ATO 
9.    Insurance
  • Take out a company General Insurance policy as per share holders or trustees agreement
  • Take out company Workers Compensation policy to cover employees as per share holders or trustees agreement
  • Take out indemnity insurance in the company name as per share holders agreement 
10.  Administration & Record Keeping
  • Set up administration and bookkeeping systems as needed
  • Install a Xero or MYOB accounting program to reconcile bank accounts, record payroll and generate reports

11.  Compliance Lodgement

  • Lodge and report either monthly, quarterly or annually to the Tax Office depending on GST & PAYG Withholding registration
  • Lodge annual company or trust tax return with the ATO
  • Lodge and report to ASIC as needed  
12.  Licence
  • Apply for any relevant licences if needed to be able to trade under the company name

 


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