Funding options include personal savings, loans, grants, venture capital, angel investors, crowdfunding, and government programs like the Entrepreneurs’ Program.
Archives: Investax FAQs
Investax Frequently Asked Questions
Are there government grants or incentives for start-ups in Australia?
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.
Do I need a business plan for my start-up?
While not mandatory, a business plan is highly recommended. It helps outline your business strategy, market analysis, financial projections, and goals.
What taxes do I need to consider for my start-up?
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.
Do I need an Australian Business Number (ABN) for my start-up?
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.
How can I protect my start-up’s intellectual property (IP)?
Protect IP through trademarks, patents, copyrights, and confidentiality agreements. Consult an IP lawyer for advice.
Is it important to register a trademark?
Registering a trademark provides legal protection and exclusive rights to use that mark for your goods or services. It helps prevent others from using a similar mark, which can protect your brand identity and reputation.
Do I need a business bank account for my start-up?
Yes, it’s advisable to have a separate business bank account for financial transparency and to manage business transactions effectively.
What is the first step to start a business in Australia?
The first step is to choose a suitable business structure, such as a sole trader, partnership, company, or trust. Register your business name and obtain any required licenses or permits.