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Professionalism. Integrity. Reliability.

Business formation

A media release from the Australian Bureau of Statistics on 2nd March 2015 highlighted the significant number of new businesses that fail. This release shows that of the 294,210 new business entries during the 2010-11 financial year, only 50 per cent were still operating three years later in June 2014.

Further studies have revealed the number one reason a business fails is “incompetence”. More specifically, incompetence due to lack of planning, no experience in record keeping, non-payment of tax and no knowledge of financing.

At Griffin & Associates we provide new businesses with the information and knowledge required to increase the likelihood of business success. We understand that new businesses are inundated with a range of information that can often appear complex and confusing. We aim to simplify this information so the new business owner is aware of any legal requirements, makes key informed decisions prior to start-up and spends more time developing their own business success strategy.

The following outlines some of the services our office provides to guide new businesses through a 3 step start-up process.


Step 1 – Structure

One of the most important decisions when commencing business is to determine the best legal structure to that will apply to your specific situation. It is therefore essential that this decision be made with the advice of your accountant and solicitor to understand the advantages and disadvantages that apply to each type of structure.

Griffin & Associates is able to provide you with the necessary information in choosing which of the following four business structures is best suited to your specific circumstances:

  • Sole trader
  • Partnership
  • Trust
  • Company

Please also click here for more information on each of the above structures, including the advantage and disadvantages of each.


Step 2 – Registrations

It is important that all registrations are completed prior to the business trading. The following are some of the registrations that Griffin & Associates is able to assist with:

  • Registrations with the Australian Taxation Office for:
    • ABN
    • GST
    • Tax File Number
    • PAYG Withholding
  • Company incorporation (ASIC)
  • Business name registration (ASIC)
  • Payroll tax registration (OSR)

Step 3 – Other administrative matters

Once the business structure is chosen and the necessary registrations completed, the business is then able to proceed with completing all other necessary administrative requirements.

The following is some further advice we provide to assist business during the start-up process:

  • Bookkeeping recommendation
  • Software requirements
  • Payroll requirements
  • Taxation obligations
  • Superannuation obligations
  • Substantiation requirements
  • Deductions available
  • Work cover registration

 

Griffin & Associates

79 Denham St, Townsville City QLD 4810

Phone 07 4772 6588

Chartered Accountants