Business Essentials

Valuable resources, information and guidance to support your business with links to:
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Keep the right records
Starting your business with a good record keeping system will help you track your business performance, meet your reporting responsibilities and access finance. Learn more about:
  • Why record keeping is important
  • What records do you need to keep
  • How long should you keep records for
  • How should you keep your records
  • Using a professional to help you with your records
  • Privacy and security of personal information
How to organise your finances
When starting a business, there are things you'll need to consider to organise your finances, such as bookkeeping, payments and your budget. Follow our steps to organise your finances and keep your business on track. Learn more about how to:
  • Set up a business bank account
  • Set up a bookkeeping system
  • Prepare a budget
  • Payment types and invoicing templates
  • Manage your cash flow
Goods and services tax (GST)
If your business is registered for GST, you will generally need to account for GST in the price of your goods or services. You will also be able to claim credits for the GST that you have paid for goods and services you use for your business. Learn more about:
  • When your goods or services include GST (and when they don’t)
  • Do you need to register for GST?
  • Issuing tax invoices
  • Claiming GST credits
Business activity statement
Completing a business activity statement (BAS) is how you report and pay your business taxes to the Australian Taxation Office (ATO). Learn more about:
  • How to prepare your BAS
  • How to lodge your BAS
  • Due dates for BAS lodgment and payments
How to claim fuel tax credits
If your business uses fuel, you may be able to claim credits for the fuel tax included in the price of the fuel. Find out if you’re eligible for fuel tax credits and how to make a claim. Learn more about how to:
  • Check if you’re eligible for fuel tax credits
  • Make sure you’re registered
  • Check the time limit for making a claim
  • Review the amount of fuel you can claim
  • Calculate your fuel tax credits
  • Check the fuel tax credit rates
  • Claim your fuel tax credits
  • Record credits in your tax return
Hiring people
Recruiting and keeping the right people for your business can play a big role in achieving success, so it's important to plan ahead when taking on workers. Learn more about:
  • Things to consider before you hire someone
  • Recruiting
  • When your worker starts
  • Paying employees
  • Employee health and safety
  • Understanding the laws that apply to employees
Hiring employees
Learn about the types of employment, rights and entitlements of employees and workplace myths that you need to be aware of when you hire new employees. Learn more about:
  • Types of employment
  • Workplace myths
Register for pay as you go (PAYG) withholding
You must register for PAYG withholding if you pay employees, contractors you have voluntary agreements with or businesses that don't give you their ABN. Understand how to register so you can withhold tax from these payments. Learn more about:
  • PAYG withholding explained
  • What you need to do if you have to withhold
  • Find out if you need to register
What employee records do you have to keep?
Find out the records you need to keep for your employees and providing pay slips, timesheets and rosters. Learn more about:
  • What records should you keep?
  • Pay slips
  • Rosters and timesheets
Superannuation
Superannuation (super) is money you pay for your workers to provide for their retirements. If your business employs people, make sure you know the requirements for paying super. On this page you’ll find out what you need to do when paying super for employees. Learn about fund choices, making super contributions and using SuperStream. Learn more about:
  • Super for employers
  • Providing a choice of super fund
  • Paying by the super due dates
  • Using SuperStream to pay super
  • Single touch payroll
  • Free clearing house service
  • Paying super to yourself as a sole trader or partner
Single Touch Payroll
All employers need to report their employee’s salary and wages, tax withheld and super liability to the ATO each time a payment is made. Learn more:
  • How do I make the move?
  • Want more?