The PCR Blog

Helpful news, tips and business advice for small to medium business owners about how to maximise profit, minimise waste and grow and protect your business.

Company Setup Obligations 101: #1 Start Your Own Business

Starting a new company is an exciting venture, marking the beginning of a new chapter in your professional life. Whether you’re setting up a small business or launching a start-up business, understanding the essentials can make the journey smoother. At PCR Accounting & Advisory, we’re here to guide you through the critical steps and obligations of setting up a new business.

How to Start a New Company

Deciding how and when to launch your new business involves weighing market conditions, your financial situation, and where you’re at personally. While the “perfect time” may not exist, preparation and a strong business plan can tilt the odds in your favour. Here are the key steps to successfully start a new company:

  • Legal Structure: Decide on the most suitable structure for your business – sole trader, partnership, or company. Each has its implications for taxation, liability, and control.
  • Registration: Register your business name, obtain an Australian Business Number (ABN), and register for the necessary taxes, including GST if applicable.
  • Compliance: Familiarise yourself with the legal and regulatory requirements specific to your industry, including licences, permits, and standards.

Financial Planning: Develop a detailed business plan with financial projections and secure funding through any necessary loans, investments, or grants.

Your Company’s Role in Starting a New Business

When setting up your own business, it’s crucial to be prepared for the costs that are involved. Your company acts as the primary vehicle for your business operations, meaning it is responsible for handling all income and managing expenses. These costs can include:

  • Employee Wages and Superannuation: If you have employees, paying their wages and superannuation is a must. As of now, the minimum superannuation contribution rate is 11% of gross wages, which will increase to 11.50% from 1 July 2024. These contributions need to be paid quarterly by the due dates: 28 April, 28 July, 28 October, and 28 January.
  • Operating Expenses: From rent and utilities to supplies and marketing, your company covers all costs associated with its operation.
  • Insurance and Accountancy Fees: Protecting your business with the right insurance policies and managing finances with professional accounting services is key to sustainability.
  • Vehicle and Management Fees: If your business uses a vehicle or incurs management fees, these are also company expenses.

Setting Up a Small Business? Team Up with the Experts

Working closely with accounting professionals can ensure you’re making the most out of your start-up business. From tax planning to financial management, professional guidance can help identify opportunities for growth and efficiency when setting up your own business, ensuring your company is structured for success.

At PCR, our expertise in tax planning and financial management for starting a new business is just the beginning. Working with us ensures your business not only benefits from top-notch advice but is also structured for long-term success and growth.

Setting Up a New Company with PCR Accounting & Advisory

Navigating the complexities of setting up a new company can be daunting, but you don’t have to do it alone. PCR is here to guide you through every step of the process, from initial setup to ongoing management and growth strategies. With PCR by your side, you can confidently embark on your entrepreneurial journey, secure in the knowledge that your financial and legal obligations are in expert hands.

Ready to start your own business? Contact PCR Accounting & Advisory today on 03 9847 7516 for personalised support, designed to help you succeed.

Disclaimer: This blog post is for informational purposes only and should not be considered as financial or legal advice. Consult with a qualified professional for personalised guidance based on your specific circumstances.

Owner of PCR Accounting & Advisory, Peter Marmara-Stewart is a top-tier accountant and financial advisor dedicated to helping clients reach their business goals and achieve financial freedom. Peter is highly regarded for his client-focused approach and entrepreneurial spirit, catering to a diverse range of professionals across a wide scope of industries all across the country. Peter’s expertise can help you plan effectively, set goals, maximise profits and protect your assets. Get in touch today on (03) 9847 7516.