Having your own business becomes an integral part of your everyday life. Once you launch your own, you should dedicate abundant time to its management.
If you’re planning a startup, in the initial phase of a business, or an established brand in need of a refresher, this article outlines important dates and timeframes to remember.
Initial Registration is 15 Minutes
After careful planning, you decided it’s time to start a company. The next thing to do is engage with a Business Registration Service online. In one place, you can find the legal requirements for business registration, which will be enumerated below.
The registration generally takes only 15 minutes to complete, provided all information is correct. Important information includes a company name, business, address, director and secretary details, and shareholder details.
In some cases, the Australian Securities & Investments Commission (ASIC) needs to manually check your company name. They regulate important naming conventions such as “bank,” “trust,” or “incorporated.” It will take up to two business hours for this review.
You can also reserve a company name with ASIC and register it later. Reservations are valid for two months. Furthermore, company names do not need regular renewal.
Essential Requirements and their Timeframes
The following are the required legal documents and numbers in every business.
- Australian Company Number (ACN)
ACN is a nine-digit number issued by ASIC to monitor companies. You don’t need to renew this regularly. However, what you need to do is prepare for your annual statement to be reviewed by ASIC. The review date is usually during anniversaries of your business and subject to review fees.
- Australian Business Number (ABN)
ABN is an 11-digit number that can identify your business to government agencies, business partners, and the Australian Taxation Office (ATO). You need an ABN if you handle invoices, pay salaries, open a business bank account, and earn AUD75,000 a year. Usually, it takes one hour to register for an ABN. The ATO sometimes manually reviews an application which takes 28 days, though this is rare. ATO cancels inactive ABNs at their discretion. You can renew it within 28 days of notification.
- Business Name Registration
A business name is used when you wish to conduct business under a different title than your company name or your first and last name. You can renew for one year or three years. If you do not renew, ASIC will cancel your registration in two months. After this, your former business name will be available again to anyone.
- Goods and Services Tax (GST)
Business Registration Service includes the necessary tax registrations for any business. You need to register for GST if your business has a GST turnover of AU75,000. If not yet registered, check your revenue every month to see if you meet the required values. If already registered, you must stay registered for one year. GST returns are provided monthly, while the requisite tax is paid on the 20th of every month.
- Pay As You Go (PAYG)
PAYG installments can be paid quarterly, annually, semi-annually, or monthly. Quarterly payments are due on October 28th, February, April, and July. When you become eligible for annual payments, your due is October 21st. For two installments, your due is on April 28th and July 28th. Certain entities are required monthly installments, on which payment is due on the 21st of the following month. For deferred business activity statements (BAS), it is on the 28th.
Part of overseeing a business is keeping track of important dates and timelines. This way, you can avoid penalties and potential issues. Ensure a smooth-running business by taking reminders of these dates.