What to Do Next After Registering a Business - 5 Essential Tips

Starting a business is one thing, but running it is entirely different.

You have to comply with many laws to start it at all, and just as many after that.

So let's simplify the process and go through 5 essential tips on what to do after registering a business.

Let’s start!

6 Statistics About Having a Business in Australia

Australia is one of the easiest places to establish a business, with government grants and incentives available to help startups and small enterprises.

⚡ There were 2,662,998 actively operating businesses in Australia as of June 30, 2024, which is a 2.8% increase (73,125 new businesses) over the previous year.

⚡ With about 0.105 businesses per person, New South Wales had the most businesses (896,485).

⚡ In Australia, just 76.5% of companies make it past their first year of operation.

⚡ In Australia, 97.2% of all businesses are small businesses with 0 –19 employees.

⚡ Mining support services had the lowest average profit margin (- 6.8%), while companies engaged in oil and gas extraction had the greatest (58.2%).

If you want to read about benefits, check out 6 Advantages of Doing Business in Australia (with Stats and Data)! 

5 Essential Tips on What to Do Next After Registering a Business

Let's check out some essential tips to simplify your operations after you register your business!

1. Register for Taxes

After you register your business, you need to register for:

1. ABN

2. TFN

3. GST

4. Pay As You Go (PAYG) Withholding

Let's see what these taxes are, why you need them, and how to apply for them.

1. What is ABN?

An Australian Business Number (ABN) is a unique 11-digit number issued by the Australian Business Register (ABR), which is managed by the Australian Taxation Office.

Why do you need it?

✔️ It identifies your company to the government, clients, and suppliers.

✔️ Allows you to register for the Goods and Services Tax (GST).

✔️ Allows you to claim GST credits.

✔️ The ABN avoids PAYG withholding tax on payments you receive.

✔️ ABN is required to appear on tax invoices and other tax-related documents.

✔️ ABN is required for registering Australian domain names such as.com.au or.org.au.

How To Register for ABN?

Follow these steps:

1. Gather All Information:

🔶 Personal Details - Full name, date of birth, residential address, and contact information.

🔶 Business Details - Business structure (sole trader, partnership, or company), start date, business activity, and estimated annual revenue.

🔶 Associates' Information - The names of partners or directors for partnerships or corporations.

🔶 Proof of Identity - Documents such as an Australian passport, driver's license, or birth certificate.

2. Choose Method:

🔶 MyGovID - If you have a myGovID associated with your Australian Taxation Office (ATO) profile, you can apply quickly using this approach. Here you can learn how to get ATO linking code from ATO.

🔶 Australian Business Register's (ABR) website - If you do not already have a myGovID, create an ABR account.

💡Pro Tip

Anna Money can simplify this whole process for you!

Follow these steps:
✅ Verify your business information

✅ Submit your application using our platform

✅ Get an instant ABN notification

2. What is TFN?

A Tax File Number (TFN) is a unique 9-digit number assigned by the Australian Taxation Office (ATO) to individuals and businesses for tax and superannuation reasons.

Why do you need it?

✔️ It helps the ATO identify you and ensures you pay the right taxes, collect refunds, and access government benefits.

✔️ TFN is used to handle retirement funds in the superannuation system.

How To Register for TFN?

How you apply for TFN depends on your business structure.

Depending on your circumstances, provide the following information in your application to assist it to be processed faster:

🔶 Australian Company Number (ACN) or Australian Registered Body Number (ARBN).

🔶 Business physical locations Authorised contacts.

🔶 Associate's details – including name, date of birth, and personal TFN.

🔶 If an associated individual declines to submit their personal TFN, you can provide their residential address.

🔶 Business activity.

3. What is GST?

The Goods and Services Tax, or GST, is a 10% tax that is applied to the majority of goods and services that are sold in Australia.

Why do you need it?

✔️ If your turnover exceeds $75,000, you must apply for GST for tax compliance and law.

How To Register for GST?

You have multiple options for registering for GST after receiving your ABN:

🔶 Online, through the ATO's Business Online Services

🔶 By contacting  the ATO via phone call 13 28 66

🔶 Through your BAS agent or registered tax

🔶 Alternatively, you can use the ATO's publication ordering facility to request the "Add a new business account" (NAT 2954) form.

2. Open a Business Bank Account

Your company's structure will determine if you require a separate business bank account.

Although it's not legally necessary if you're a sole trader, having a business bank account can greatly simplify financial management and tax preparation.

However, if you registered your business as a partnership, corporation, or trust, you need to open a business bank account after you register a business.

Whatever your business structure is, there are a few benefits of a separate business bank account:
✔️ Keep a clear record of your business expenses and income

✔️ Get a clear separation between personal and business finances

✔️ Easily find information for  your accountant and stay on top of your tax and reporting responsibilities

How To Open a Business Bank Account?

The first thing you need to do is to compare the features of available banks, like:

✔️ Fees and charges

✔️ Online banking features

✔️ Integration with accounting software

✔️ Customer support
When you make a decision, provide the following:
🔶 ABN

🔶 Business name and structure (sole trader, partnership, company, trust, etc.)

🔶 Primary business address

🔶 Industry type

🔶 Personal ID, passport or driver's license

🔶 Details of all business owners or partners (for companies or partnerships)

💡 Pro Tip

With ANNA Money, you can quickly open a business bank account after you register your business!
Benefits?

✔️ Get debit cards, Apple Pay, Google Pay
✔️ Expense cards
✔️ Connect your bank accounts
✔️ Get a webpage with a payment link and send it directly to your consumers

✔️ Easily pay with cash at thousands of PayPoint locations across the country

✔️ Get centralised financial management

✔️ Scheduled payments

✔️ Payment notifications

3. Set Up Accounting and Bookkeeping Systems

You can always hire an accountant, but you can set up a bookkeeping system with the correct tools.

Whatever way you pick, it's important to keep your records clean and detailed to stay compliant and avoid problems when tax time comes around.

If you decide to use some tool:

🔶 Use AI-powered tools to automate operations such as invoicing, reconciliation, and tax calculations, reducing administrative time.

🔶 Consider ease of use, pricing, and features that are appropriate for your business.

🔶 Look for these key features:

💡Pro Tip

ANNA Money can help you with all of the above!

ANNA +Taxes simplifies your business taxes by providing timely submissions and competent support to minimise your tax burden. You will get:

4. Register a Domain Name

The benefits of having a domain after business registration have an impact on several segments of your business:

✔️ A domain name creates an online brand for your company, making it easier for customers to find you.

✔️ Helps in creating a consistent brand across all marketing channels

✔️ Allows you to create professional email addresses (e.g., yourname@yourbusiness.com.au), which is important for business communications.

Here are a few tips for registering a domain name:
🔶 Pick a name that reflects your business and is easy to remember. In Australia, common domain extensions include:

🔶 Make sure it's not too long, and see if the name is already taken or trademarked.

🔶 You can’t register a domain if you don’t have ABN or ACN

5. Make a Plan for Marketing

After registering a business and handling taxes, making a marketing plan is among the most important steps.
Getting and keeping consumers is critical to your business's survival, so here's how to start creating a loyal client base:
🔶 Define your target market - Identify and understand your ideal customers' needs, preferences, and behaviors.

🔶 Set clear goals - Set SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals to guide your marketing activities.

🔶 Select the Right Strategies - Determine the most effective channels and techniques for promoting your products or services, such as social media campaigns, email marketing, and local advertising.

🔶 Budget Allocation - Plan how much money you'll spend on marketing efforts and make sure it matches your business goals.

🔶 Measure Success - Evaluate the success of your marketing efforts in order to refine methods and improve outcomes over time.

How ANNA Money Can Help You After You Register a Business?

ANNA Money is a powerful business tool, designed primarily to support business registration,  and is still very useful for running a business after you register it.

Once you've started using it, you'll get:

✔️ Professional looking invoices in seconds

✔️ Automatic view of all unpaid invoices

✔️ Automated receipt matching and expense classification

✔️ Advice from expert accountants

✔️ Personalised tax calendar

✔️ Taxes calculated automatically

Sign up today to register your business easily and keep running it without worry even after you're set up!

FAQ

Can ATO track ABN income?

The ATO verifies ABN holders' reported income using data from financial institutions, clients, and government organisations. This helps to identify anomalies and ensures businesses pay their tax obligations.

How Long Does It Take for ABN To Be Approved?

The approval time for an Australian Business Number (ABN) varies according to the application process and whether additional verification is required. 

If your application is straightforward and all information is correct, you can acquire your ABN within 10 minutes of submitting it to the Australian Business Register (ABR).

If your application requires manual review owing to missing information or verification concerns, it can take up to 28 days to process.

How To Close a New Business?

Follow these steps to effectively end the business while minimising the risk of penalties or unsettled commitments: