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Business is all about money, and that money is what you call business cash. It is cash that's earned by blood, sweat, and tears. Thus, it should also be well spent and taken care of.
A lot of people are afraid to venture into business because they get to hear stories of those who did and eventually went bankrupt. But truth is, running a business does not necessarily have to be a horror story. For a business to prosper, all you have to do is take care of your business cash!
There are three things that a businessman has to keep in mind when dealing with the money he earns from his business:
The first thing you have to do to get a chunk of that business cash is to have your business registered. Following are the steps in registering your business as a company in Australia:
1. Fill out the application for registration as an Australian company, otherwise known as the ASIC form 201. Completing this form requires you to provide the following:
2. Get a certificate of incorporation with the Australian Securities and Investments Commission. All you have to present here is your completed ASIC form 201. Once your business gets incorporated with the Australian Securities and Investments Commission, you will be provided an Australian company number or ACN.
A word of note: There is a corresponding fee for the first two requirements. Kindly inquire with the Australian Securities and Investments Commission.
3. Log on to the Australian Taxation Office (ATO) website and fill out an application for an Australian Business Number or ABN. This is for big businesses with a gross yearly turnover of $AUS50,000 or more every year. Businesses with less that $AUS50,000 may apply for the tax on goods and services or GST without an ABN.