Archives: Investax FAQs

Yes, it is possible to have multiple business structures for different aspects of your business, such as a company for one division and a trust for another. Each structure will have its own legal and tax implications.

Tax implications vary by structure. Sole traders report business income on their individual tax return. Companies pay tax on their profits at the corporate tax rate. Partnerships and trusts distribute profits to partners or beneficiaries who report them on their individual tax returns.

The most common business structure in Australia is the sole trader structure, followed by companies, Trust and partnerships. The choice of structure depends on factors like liability, taxation, and business goals.

Choosing the right structure depends on factors like the nature of your business, liability preferences, tax implications, and future growth plans. Consult with a business advisor or accountant for personalized advice.

Funding options include personal savings, loans, grants, venture capital, angel investors, crowdfunding, and government programs like the Entrepreneurs’ Program.

Yes, there are grants and incentives for start-ups, including the Research and Development (R&D) Tax Incentive, Export Market Development Grants (EMDG), and the Entrepreneurs’ Program.

While not mandatory, a business plan is highly recommended. It helps outline your business strategy, market analysis, financial projections, and goals.

Start-ups need to consider taxes like Goods and Services Tax (GST), income tax, and payroll tax. GST is usually compulsory for businesses earning over $75,000 per year.

Yes, most businesses in Australia require an ABN. It simplifies tax and business dealings. You can apply for an ABN online through the Australian Business Register (ABR) website.