Starting a Business Checklist
- Arnold Shields
- May 14, 2010
- 3 min read
Updated: Jun 20
There is a whole range of administrative tasks that are required to start a business. This article will provide a quick overview of the steps to get your business up and running.
Step 1: Choose the Right Business Structure
Should you operate as a Sole Trader, Partnership, Trust, Company, or a combination? The best structure depends on factors like liability, expected revenue, risk exposure, growth plans, and tax planning.
We’ve broken down each structure in detail:
Sole Trader
Partnerships
Discretionary Trusts
Unit Trusts
Companies
We always recommend a meeting to assess your goals before locking in a structure. Getting this wrong can be costly. A simple setup at the start can grow into something more sophisticated as your business expands.
Step 2: Register the Company, Trust or Business Name
Choose a name that is available, relevant, and doesn't clash with other brands. Secure a matching domain name and make sure it ranks well in search engines.
Tip: Your domain should be unique and clearly linked to your business name.
Step 3: Apply for a Tax File Number (TFN) and Australian Business Number (ABN)
Companies, Trusts, and Partnerships must apply for their own TFNs.
Sole traders use their personal TFN.
An ABN is required to:
Issue valid tax invoices
Register for GST
Interact with government bodies and clients
Apply via business.gov.au.
Step 4: Register Your Domain Name
A .com.au domain requires a registered business or company name that matches or is similar. Register your entity first, then secure your domain, ideally for 2 years.
Step 5: Open a Business Bank Account
Open an account in your business name. This keeps business and personal finances separate, saving you time and accounting fees. You’ll need:
Certificate of incorporation
ABN and TFN
100 points of ID
Step 6: Register for GST (if applicable)
If you earn $75,000 or more annually, GST registration is compulsory. You’ll need an ABN first. Register on the Australian Business Register. Voluntary GST registration is also available.
Step 7: Set Up Your Business Insurance
Insurances to consider:
Public liability
Professional indemnity
Workers’ compensation
Business interruption cover
Pro Tip: Ask your broker about “averaging” and how it could reduce your claims payout if you're underinsured.
Step 8: Order Stationery
Make sure your business cards, invoices and letterheads comply with legal requirements. A compliant Tax Invoice must include:
‘Tax Invoice’ label
Supplier and recipient name
Supplier ABN
Description of goods/services
GST included
Invoice date
Total amount
Refer to the ATO Tax Invoice Guide for full requirements.
Step 9: Apply or Transfer Licences and Permits
Licensing needs vary by industry. If you're switching to a company structure, make sure any existing licences are transferred. This maintains compliance and protects your asset separation.
Step 10: Set Up an Accounting System
A good system from the start prevents costly mistakes later. Choose software that scales with your business. We recommend:
Xero – Great for cloud access and integration
MYOB – Excellent support and widespread familiarity
Get advice from your accountant on setup and reporting design.
Need Help Starting Your Business?
Our experienced team can guide you through structure selection, registration, GST, software setup and more. Book your initial consultation with Arnold Shields on (02) 9411 5422.
Disclaimer:
The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.
